$10 million worth of Ripple stolen from GateHub wallet

Ripple xrp price 9 may 2019

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Cryptocurrency wallet GateHub was reportedly hacked out of some ten million dollars worth of Ripple.

The platform released a preliminary statement yesterday in which they apologise to affected customers; however, according to GateHub there are no signs of outside activity.


GateHub is still trying to identify the problem, and an official statement is expected soon. The wallet has made efforts to reach out to all affected customers; however, the unexplained activity is beginning to cast a shadow of distrust among users.

In an official technical report regarding the issue, Thomas Silkjær, a member of the GateHub community, estimates that some eighty or ninety customer accounts were affected by the alleged hack. The platform recommends that customers transfer any remaining assets to alternative wallets to prevent further losses. 

The platform still has to determine how hackers managed to get access to the personal wallets of these customers, and the most solid lead they have at the time of writing is a heightened API activity on several accounts. However, all of these API calls were legitimately authorised with valid tokens, which means that the hackers might have gotten in through different means.

This hack is the latest in a series of recent cryptocurrency thefts. Earlier this week, users of the Komodo platform were advised that hackers attempted to insert malware code into the platform’s Agama application.

Such instances continue to give investors reasons to distrust wallet platforms. Many investors continue to advise against the storage of large amounts of cryptocurrency in online wallets and platforms, as hacks like these may affect anyone.


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Tina Yordanova

Back from her stint with European Central Bank, Morgan Stanley, Barclays, Societe Generale, Hilton Hotels, and Aviva International, Tina rejoins Cryptopolitan with a deeper insight regarding the financial world, blockchain enterprises and institutions and practices involved in it. She is eager to share her rounded perspective honed from the biggest media analysis companies on the Balkans.

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