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Ripple (XRP) worth $10M stolen by Hackers in GateHub hack



Ripple (XRP) worth $10M stolen by Hackers in GateHub hack

One more hack reported on June 6th and this time hackers have breached over 100 XRP wallet managed by GateHub. The hackers somehow managed to compromise about 100 XRP ledger wallets.

GateHub chief Enej Pungercar wrote, “Recently, we have been notified by our customers and community members about funds on their XRP Ledger wallets being stolen and immediately started monitoring network activity, and conducted an extensive internal investigation”.

Community Member Thomas Silkjær stated in a medium post, ” On June 1 we were made aware of the theft of 201,000 XRP (transaction F6E9E1385E11649A6C2F88723A821AF209B54030886539DCEF9DDD00E6446948) and immediately started an investigation”.

XRP hack on GateHub
Credit:- Thomas Silkjær

Thomas Silkjær also stated that on June 5th approx 23,200,000 XRP was stolen from 80–90 victims, of which around 13,100,000 XRP ($5.37 million) had already been laundered through exchanges and mixer services.

Services used to cash out (not complicit) as shared by Silkjær are

  • 6,000,000 XRP
  • 3,250,000 XRP
  • 1,500,000 XRP
  • 930,000 XRP
  • 135,000 XRP
  • 115,000 XRP
  • 110,000 XRP
  • 50,000 XRP

Cash-out strategies via cryptocurrency exchange for laundering of funds is among the most favourable steps taken by hackers, many of them also use peer-to-peer networks.

Disclaimer: Koinalert’s content is only for information purpose in nature and should not be considered as investment advice. Do your own market research before investing in any cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.