Major Bitcoin ATM Maker Hacked, Over $1.5 Million In BTC Stolen

The major Bitcoin ATM maker, “Statue of Liberty”, has been hacked, resulting in the theft of over $1.5 million worth of Bitcoin. As per the reports, the hackers were able to gain access to the machines remotely by exploiting vulnerabilities in the company’s code, allowing them to withdraw large sums of Bitcoin without authorization. This incident highlights the need for stronger cybersecurity measures in the cryptocurrency industry to prevent such attacks.

General Bytes, one of the largest Bitcoin ATM makers in the industry, recently fell victim to a severe cyber attack resulting in a loss of $1.5 million in digital assets. According to reports, the breach occurred on March 17-18th, and the hacker gained unauthorized access to hot wallets and exchanges, stole usernames and passwords, and disabled two-factor authentication. On the blockchain data platform, Blockchair, it shows that the hacker received approximately $1.5 million worth of Bitcoin and moved about $40,000 in Ethereum through Uniswap DEX.

The breach not only affected General Bytes’ cloud services, but also impacted other operators’ standalone servers. The attacker utilized their Java application by remotely uploading it via the master service interface and running it with BATM user privileges, indicating an alarming security lapse on the company’s part. General Bytes has classified this breach as “highest” severity, and none of the audits conducted since 2021 were able to detect the vulnerability that led to the breach.

This is not the first cyber attack that has plagued the cryptocurrency industry. The frequency and severity of these attacks have surged alongside the increasing popularity of cryptocurrencies. From major exchange breaches to individual investors losing their life savings, the consequences of these crypto hacks are far-reaching and devastating. Despite efforts to improve security measures, the rise of DeFi and other decentralized systems has opened up new vulnerabilities and attack vectors. These attacks not only have financial ramifications, but also erode trust in the entire crypto industry, making investors question the legitimacy of digital assets as a viable investment option.

In response to the recent attack, General Bytes has released a security fix and is urging users to implement it as soon as possible. The company is advising users to upgrade their servers and to invalidate all passwords, API keys, and hot wallets to safeguard against any future attacks and ensure the security of users’ digital assets. When it comes to security, the onus lies on both the companies providing these services and the investors to take measures to protect their assets from malicious attacks.

In conclusion, it is becoming increasingly clear that companies and investors operating within the cryptocurrency industry must prioritize security measures to protect themselves and the wider ecosystem. The implications of these cyber attacks are alarming, and every effort must be made to minimize them. As the industry continues to evolve, so too must our collective approach to security be one of constant vigilance and preparedness.

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