The GateHub Hack: More Than 100 XRP Ledger Wallets Affected

GateHub hack

In the crypto space, it’s not uncommon to see a crypto wallet get hacked. It’s unfortunate, of course, but not unusual. And the latest crypto wallet hack came this week. On Thursday, GateHub said more than 100 customers have had their ledger wallets hacked, resulting in their funds being stolen.

Here’s everything we know.

GateHub Hack: What We Know

On Thursday, June 6, GateHub published a “preliminary statement” on its blog. In the post, the crypto wallet said more than 100 customers have had funds on their XRP Ledger wallets stolen.

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Taking the opportunity to apologize for this issue, GateHub also said it has “not identified any action or omission by GateHub that may have facilitated or allowed this apparent theft to occur.” More specifically, GateHub does not know how it was hacked, as it has not detected suspicious logins or anything of that kind.

GateHub has contacted users who had their wallets compromised. According to the post, GateHub told these users that it would be wise for them to transfer their existing balances in their XRP wallets to another hosted wallet. While it’s good the crypto wallet is providing customers with a resolution, the hack itself will likely cause the service to see some backlash.

Even before GateHub acknowledged the security breach, members of the GateHub community had come forward about a GateHub hack. According to Thomas Silkjær, around 23.2 million XRP coins had been stolen from between 80 to 90 GateHub accounts.

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Now What?

This is, of course, bad news for GateHub customers. But the crypto wallet service is trying its best to resolve the issue, saying on Thursday that it has notified law enforcement about the breach.

As an investigation plays out, GateHub users and other members of the crypto space should watch out for new, emerging details.

What do you think about the GateHub hack? Let us know in the comments below!

Featured image: DepositPhotos © BrianAJackson

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