General Bytes ATM suffers a massive hack

General Bytes

TL;DR Breakdown

  • Hacker breach General Bytes Bitcoin ATM
  • The hacker stole about $1.5 million
  • General Bytes suspends its cloud service

Bitcoin ATM producer General Bytes has announced that it suffered a breach on March 17 leading to a loss of $1.5 million in several digital assets. General Bytes is one of the biggest producers of Bitcoin ATMs with more than 9,000 units of ATMs credited to its name. The company informed the general public of the incident on March 18.

The hacker stole more than $1.5 million

In the statement that was released on March 18, General Bytes urged traders to safeguard their sensitive data. The company told users to ensure their funds and information are safely secured. The firm also instructed them to read and understand the information in the security bulletin that has been provided to them. In the bulletin, General Bytes gave a detailed explanation of how the incident happened.

The firm said that the hacker was able to breach their interface and upload a copy of his application on it. With the breach, the user was able to access the company’s database which houses information and API keys. This way, it was easy for the hacker to steal the assets from the interface of General Bytes. Asides from stealing from the company, the hacker was able to access user information and passwords. He had several authorities including turning off 2FA and sending assets out of the individual accounts.

General bytes suspends its cloud service

Interviews carried out around the United States after the announcement also confirmed the news. Some of the people interviewed said that most of the Bitcoin ATMs around the country owned by General Bytes have been off. An operator well versed in the Bitcoin ATM technology has also chipped in, stating that the company would have to build new servers, which would be a lengthy process. In its bulletin, the company noted that it would suspend its cloud service program as it will now focus on making operators act as hosts for their servers.

General Bytes also confirmed that none of the audits it had conducted since 2021 were able to identify the flaw that led to the breach. According to the details, the hacker made away with more than $1 million in BTC while stealing bits of other digital assets. Although the Bitcoin is still in a cache after it was moved once, the hacker has moved the smaller assets across different exchanges with a sizeable amount moved into Uniswap.

The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

Related News

Hot Stories

Solana price analysis: Price drops to $22.07 following the most recent bearish move
Mastercard to Settle Transactions for Stablecoin Wallet in APAC
Ripple Labs cites Voyager Digital ruling in XRP Vs SEC lawsuit
How Can Web3 Blogging Platforms Ensure Full Creative Freedom and Revenue Potential for Writers?
Binance Coin price analysis: BNB/USD dips again after recovery to $337 yesterday

Follow Us

Industry News

Mastercard to Settle Transactions for Stablecoin Wallet in APAC
Ripple Labs cites Voyager Digital ruling in XRP Vs SEC lawsuit
US Supreme Court to hear first-ever crypto lawsuit on Tuesday
Roman Catholic Archdiocese of Washington partners with Engiven to accept crypto donations
Fed joins hands with world top banks to combat financial turmoil

Add Your Heading Text Here