Breach, Threat Management, Data Security, Threat Management

Hackers steal $2M in Bitcoin and other digital currency

Cybercriminals made off with the equivalent of $2 million in Bitcoin and Ethere, a Bitcoin rival, from the Hong Kong-based digital exchange and trading platform Gatecoin.

The breach was detected on May 13 and officials believe the incident is linked to a disruption in services that occurred between May 9-12 caused by a server reboot, according to a May 14 Gatecoin statement.

“The malicious external party involved in this breach, managed to alter our system so that ETH and BTC deposit transfers by-passed the multi-sig cold storage and went directly to the hot wallet during the breach period,” the firm's CEO, Aurélien Menant, said in the statement.

Gatecoin said it is working to raise additional funding to cover the losses and is offering a 25 percent bounty and lifetime free trading on the exchange for the return of the stolen funds. 

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