Wednesday, 25 May 2016

On 06:18 by admin   No comments
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, AurĂ©lien 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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