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General Bytes, Leading Crypto ATM Manufacturer, Falls Victim to $1.5M Bitcoin Hack

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  • General Bytes, one of the world’s leading manufacturers of cryptocurrency ATMs, has reported a major security breach.
  • The attack on General Bytes is a reminder of the importance of cybersecurity in the cryptocurrency industry.

General Bytes Hit by Major Security Breach, $1.5 Million in Bitcoin Stolen

General Bytes, a leading manufacturer of cryptocurrency ATMs, has reported a major security breach. The company confirmed that hackers gained unauthorized access to one of its servers and stole over $1.5 million worth of Bitcoin (52.28 BTC).

The company became aware of the attack on March 17, when it received an alert from one of its monitoring systems. General Bytes immediately launched an investigation and discovered that a hacker had managed to gain access to one of its servers, which contained a significant amount of Bitcoin belonging to the company and its customers.

The hacker is believed to have uploaded a Java application remotely using the master service interface. This gave the hacker access to BATM user privileges and allowed them to read and decrypt API keys that are used to access funds in hot wallets and exchanges.

As a result of the attack, General Bytes has been forced to shut down its operations. The hacker also siphoned altcoins, including ETH, USDT, BUSD, ADA, DAI, DOGE, SHIB, and TRX. The BTC address holding the 56.28 BTC has not moved the funds since its last transaction at 3:20 a.m. on March 18. Some digital currencies were transferred to different locations, and a fraction was sent to the decentralized exchange (DEX) platform Uniswap.

General Bytes has assured its customers that their personal data has not been compromised in the attack and that the company’s other servers remain secure. The company has also stated that it has implemented additional security measures to prevent future breaches.

The attack on General Bytes is a stark reminder of the growing threat of cybercrime in the cryptocurrency industry. As the value of cryptocurrencies continues to rise, hackers are increasingly targeting exchanges, wallets, and other crypto-related services.

This is not the first time that a cryptocurrency ATM manufacturer has been targeted by hackers. In 2019, US-based manufacturer Bitcoin Depot reported a similar attack, in which hackers stole over $200,000 worth of Bitcoin.

In conclusion, the attack on General Bytes is a stark reminder of the importance of cybersecurity in the cryptocurrency industry. While the industry offers many benefits, such as increased financial inclusion and greater financial freedom, it also presents significant risks. As such, it is crucial that companies and individuals take the necessary steps to protect themselves and their assets from cyber threats.

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