Major Bitcoin ATM Maker Hacked, Over $1.5 Million In BTC Stolen
Bitcoin ATM maker General Bytes has become the latest victim of a cyberattack, with the company announcing a loss of $1.5 million in digital assets.
The breach occurred on Friday and dealt a heavy blow to one of the biggest producers of Bitcoin ATMs in the industry, with over 9,000 units to its name.
On March 17-18, 2023, GENERAL BYTES experienced a security incident.
We have released a statement urging customers to take immediate action to protect their personal information.
We urge all our customers to take immediate action to protect their funds and https://t.co/fajc61lcwR… https://t.co/g5FGqvqZQ7
— GENERAL BYTES (@generalbytes) March 18, 2023
Hot wallets, breached exchanges
general bytes have reported that the recent cyber-attack resulted in unauthorized access of funds from wallets and hot swaps, theft of usernames and passwords, and the disabling of two-factor authentication.
Also, on-chain and Etherscan data show that the bitcoin attacker received approximately $1.5 million worth of BTC and moved nearly $40,000 worth of Ethereum through the Uniswap DEX.
The breach affected not only General Bytes’ cloud services, but other carriers’ standalone servers as well. The attacker used your Java application by remotely loading it through the master service interface and running it with BATM user privileges.
General Bytes classified this breach as “major” severity and stated that none of the audits performed since 2021 have been able to detect the vulnerability that led to the breach.
The Bitcoin hacker managed to get away with over $1 million worth of BTC along with shards of other digital assets.
Cryptocurrencies hacked despite enforcement measures
As the popularity of cryptocurrencies continues to rise, so too does 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 rampant cryptocurrency 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 and attack protection measures, the rise of DeFi and other decentralized systems has opened up new vulnerabilities and attack vectors.
The consequences of these attacks go beyond financial loss, as they erode trust across the 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 was familiar with security breaches recently. In August 2022, the company was the victim of a hack that resulted in the theft of Bitcoins deposited in ATMs.
The attack saw the hackers make off with around $16,000, prompting the company to take immediate action.
After the latest breach, General Bytes has released a security fix and is urging users to implement it as soon as possible.
The company is advising users to update their servers and invalidate all passwords, API keys and hot wallets.
This move aims to protect against future attacks and ensure the security of users’ digital assets.
-Featured image of FullyCrypto