GateHub, a wallet that supports top cryptocurrencies such as Bitcoin, Ethereum and XRP, recently took the spotlight in the XRP community as reports of lost funds emerged. This attack resulted in 100 XRP ledger wallets losing over 23 million XRP. ChangeNow, a non-custodial exchange, released an official statement on the entire fiasco.
Soon after this was brought to light, the service provider also released an official statement on the incident, stating that this could have been an outcome of “suspicious API calls,” instructing users on the method to protect funds. They also explicitly stated that they “have not identified any action or omission by GateHub that may have facilitated or allowed this apparent theft to occur,” as of June 6, 2019.
Further, the platform also stated that a total of 103 XRP Ledger wallets had incurred a loss due to the attack and 18,473 accounts were “potentially affected.” More so, they also recommended customers who had received an email to move their assets out of the platform.
In a blog post released on June 10, ChangeNow stated that its team was successful in halting the execution of “a solid number of XRP exchanges” on the exchange on June 9, 2019. The exchange also stated that there were a few XRP exchanges from the attacker’s addresses that were executed before the platform was notified about the hack.
The exchange stated,
“The total amount of [XRP] that was attempted to be transferred through us is 2.5 million. We managed to retain more than 500,000 XRP. Even though it is an impressive number, we think there could be more to be done on our part. For the future, our ultimate goal is to stop at least 90% of all stolen funds that are being exchanged […]”
Further, the exchange stated that the retained funds were frozen on the platform and are currently stored in their cold wallet, which will later be transferred to GateHub. The exchange stated,
“We are actively cooperating with GateHub representatives and trying to find the best solution to manage the situation. As always, we are ready to do whatever it takes to make the crypto space a safer space for everyone in it.”
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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