Bitcoin ATM Producer, General Bytes, Loses $1.5M in Bitcoin After Exploitation

    General Bytes, a leading manufacturer of Bitcoin automated teller machines (ATMs), experienced a loss of over $1.5 million in Bitcoin (BTC) due to an exploit on March 17 and 18. The company, in its security update on March 18, disclosed that a hacker, or a group of hackers, found a vulnerability in their master service interface, which they used to send funds to their hot wallets. Consequently, General Bytes was temporarily shut down as it evaluated the extent of the damage.

    The hackers, through this flaw, eventually stole 56.28 BTC from approximately 15 to 20 ATM operators. As of March 19, the address still held 56.28 BTC, with no funds transferred.

    This attack highlights the vulnerability of Bitcoin ATM operators to hacking incidents, as hackers can easily access their systems, steal user credentials and use them to access hot wallets. It underscores the importance of heightened security measures to safeguard against such attacks.

    In conclusion, General Bytes, a major Bitcoin ATM manufacturer, suffered a significant loss of BTC due to an exploit on its master service interface. The hackers gained access to the company’s database and decrypted API keys to access hot wallets, causing a loss of over $1.5 million. This event highlights the importance of stringent security measures for Bitcoin ATM operators to protect against hacking incidents.

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