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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XRP interest on the rise as analysis shows formation of a ‘quadruple bottom’
The cryptocurrency market has been subject to a significant bull run that has not only catapulted the prices of digital assets, but also their corresponding market caps. XRP, the third largest cryptocurrency, had more of a rollercoaster ride rather than the sudden surge enjoyed by Bitcoin, with the coin trading at a 6-month high, at press time.
A recent analysis conducted by DonAlt, the popular cryptocurrency enthusiast, pointed out the dips in the one-day chart of XRP. His tweet read,
A lot of interest in XRP. Kind of looks like a quadruple bottom / head and shoulders.
Not the biggest fan of longing those. If there is one lesson 2018 taught everyone is support is only support for so long.
I’ll be watching this one from the sidelines.”
There was also speculation that it was a good time to buy into XRP when there is a violent reaction at the lows, while going long previously was a risky decision. Previous readings of the XRP graph have shown that any squeeze in the XRP graph will result in a full retracement. Since May 2019, the cryptocurrency grew from $0.28 to the current trading price, which was more than a 100 percent increase.
At the time of writing, XRP was trading at $0.467, with a total market cap of $19.89 billion. The cryptocurrency was growing at a rate of 1.13 percent, with a 24-hour market volume of $42.57 billion.
XRP was in the news recently after its related application, XRP TipBot, came back online after a small downtime. Wietse Wind, creator of XRP TipBot, had tweeted,
“Oops! Sorry! Infrastructure blip. Really easy fix but I enjoyed an offline afternoon with my girls 😇 So I only found out after some time, when I checked my phone. Monitoring, messages, calls 😇 Social media tips went through during the downtime. Sorry!”
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