Large Bitcoin ATM Maker hacked, over $1.5 million in BTC stolen
Bitcoin ATM maker General Bytes has become the latest victim of a cyber attack, with the company announcing a loss of $1.5 million in digital assets.
The breach occurred on Friday and has dealt a heavy blow to one of the largest Bitcoin ATM manufacturers in the industry, with over 9,000 units to its name.
17.–18. In March 2023, GENERAL BYTES experienced a security incident.
We have issued a statement urging customers to take immediate action to protect their personal information.
We encourage all our customers to take immediate action to protect their funds and
— GENERAL BYTES (@generalbytes) March 18, 2023
Hot Wallets, Exchanges Defaulted
General Bytes has reported that the recent cyber attack resulted in unauthorized access to funds from hot wallets and exchanges, theft of usernames and passwords, and disabling of two-factor authentication.
In addition, on-chain and Etherscan data shows that the bitcoin attacker received approximately $1.5 million worth of BTC and moved nearly $40,000 in Ethereum through the Uniswap DEX.
The breach affected not only General Bytes’ cloud services, but also other operators’ standalone servers. The attacker used their Java application by uploading it remotely via the main service interface and running it with BATM user rights.
Source: Blockchair.com
General Bytes has classified this breach as “highest” severity and stated that none of the audits performed since 2021 were able to detect the vulnerability that led to the breach.
The Bitcoin hacker managed to get away with more than $1 million in BTC along with fragments of other digital assets.
Crypto hacks up despite reinforcement measures
As the popularity of cryptocurrencies continues to rise, so do the number of hacks and security breaches in the industry.
From high-profile attacks on major exchanges to individual investors losing their savings, the implications of these widespread crypto hacks are far-reaching and potentially devastating.
In recent years, hackers have stolen billions of dollars worth of digital assets, leaving victims reeling and questioning the security of the entire crypto ecosystem.
Despite efforts to improve security measures and secure against attacks, the rise of DeFi and other decentralized systems has opened up new vulnerabilities and attack vectors.
The consequences of these attacks go beyond mere financial losses, as they erode confidence in the entire crypto industry and raise questions about the legitimacy of digital assets as a viable investment option.
Crypto total market cap climbs a few notches at $1.14 trillion on the daily chart at TradingView.com
General Bytes has been no stranger to security breaches lately. Back in August 2022, the company fell victim to a hack that resulted in the theft of deposited Bitcoins in ATMs.
The attack caused hackers to make off with about $16,000, prompting the company to take immediate action.
Following the latest breach, General Bytes has released a security fix and encourages users to implement it as soon as possible.
The company advises users to upgrade their servers and invalidate all passwords, API keys and hot wallets.
This move is aimed at protecting against any future attacks and to ensure the security of users’ digital assets.
– Featured image from FullyCrypto
