56 BTC soared – THE Bitcoin ATMs (Bitcoin ATMs) are increasingly popular, despite a crypto winter that hampered their development. This success, more mixed in recent months, and especially the data that they may contain, attract covetousness and malicious minds. General Bytes, an ATM company paid the price recently. Hackers managed to steal more than $1.5 million in BTC.
Crypto Hack: Vulnerable Bitcoin ATMs
In order to understand our case, a small point of definition is necessary. Do you know what a zero day flaw ? It is a vulnerability, a breach in computer code. Pirates find it and exploit it. We speak of a “Zero Day” bug or flaw if the flaw is unknownbecause there is no more time to repair the damage and limit the hack.
General Bytes therefore announced last week that hackers had exploited a Zero Day vulnerability to attack the company’s ATMs. This flaw allowed hackers to download and run a malicious Java application on General Bytes’ servers.
Once accessing the database, hackers were able to access, read and decrypt the API keys needed to reach user funds on centralized exchanges. Even their names could be uploaded and their 2FA codes deactivated. The hackers thus emptied various wallets amassing 56 BTCworth approximately $1.5 million.
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A few little reminders to keep your BTCs safe
It is not a question here of dealing with one more news item. Finally Yes. But let us also emphasize theimportance of safety wallets for crypto investors, especially when your funds are on centralized exchangesi.e. managed by a third party and not directly deposited on the blockchain.
Investors should be aware of these account risks exchanges and the need to take additional security measures to protect their funds. We can think of the solution of Ledger cold wallet For example.
Aware of this problem, General Bytes confirmed to completely review its security despite successful audits in 2021:
” The entire team has been working around the clock to collect all data regarding the security breach and are continuously working to resolve all cases to help customers get back online and continue operating their ATMs as soon as possible. We apologize for what happened and will be reviewing all of our safety procedures and are currently doing everything we can to keep our affected customers afloat. »
Statement of General Bytes
The attack suffered by General Bytes shows that security in our beautiful ecosystem remains a crucial subject. Investors must be aware of the risks linked to the use of centralized platforms, but also remain cautious in the face of the beautiful promises that often indicate scams and rip-offs. It is therefore essential to approach cryptocurrencies with caution, at the risk of pinching your fingers.
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