Security in the cryptocurrency world is often challenged, and the latest victim is General Bytes, the world’s largest crypto ATM producer. The latter fell victim to a crucial security breach on March 17 and 18. The hack resulted in a loss of 56.28 bitcoins in about 15 to 20 operators across the country. In response to the incident, the company had to ask all operators using its machines to temporarily suspend their activities.
US Crypto ATM operators forced to suspend operations!
General Bytes, the world’s largest crypto ATM manufacturer, was the victim of a hack on March 17 and 18. The hacker allegedly exploited a security hole in the system to gain access to the input service interface. From there, he liquidated nearly $1.5 million in bitcoins and altcoins, which he then sent to his wallet.
After discovering the hack, General Bytes immediately alerted the public, asking operators to temporarily halt operations. The company issued an information bulletin urging customers to take prompt action to protect their funds and personal information.
According to the General Bytes security bulletin, the hacker was able to add his own account remotely using the capture service interface, which is typically used to add videos. This action allowed the hacker to access the database. The hacker was also able to encrypt the APIs used to access hot wallet and exchange funds.
General Bytes also confirmed that the hacker accessed users’ personal information. This allowed him to disable 2FA in order to direct funds to his own hot wallet.
Faced with the loss of bitcoins, General Bytes looks for ways to mitigate the damage
As a sensitive machine manufacturing company, General Bytes should have paid close attention to its security system. The company claimed to have performed several security checks since 2021, without reporting any vulnerabilities.
According to information gathered by Bitcoin.com, the company is reportedly changing operators and plans to suspend its cloud service.
As a reminder, last year General Bytes had already suffered a hack that did not result in any financial losses. Despite this incident, General Bytes has not given up. The company has shared the addresses and three IP addresses used by the hacker, in the hope of tracking him down and recovering the stolen funds. However, crooks tend to be very clever at taking advantage of security holes.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.