Tuesday, April 16, 2024
HomeCryptocurrenciesBitcoinBitcoin ATM Maker General Bytes Shuts Down Cloud Service After Security Breach

Bitcoin ATM Maker General Bytes Shuts Down Cloud Service After Security Breach

General Bytes, a leading manufacturer of Bitcoin ATMs, has shut down its cloud service after a hacker identified a security vulnerability in the system. The hacker was able to read and decrypt API keys, which allowed them to access funds on exchanges and hot wallets. The company has issued a high severity security incident warning and patch on its Confluence page, urging customers to take immediate action to protect their funds and personal information.

Source: General Bytes ATMs

How the Attack Happened The hacker was able to upload their own Java application and run it remotely using the master service interface, which is used in Bitcoin ATMs to upload videos to the server. This compromised both General Bytes’ cloud service and standalone servers. The company is now closing down its cloud service, stating that it is impossible to secure a system granting access to multiple operators where some of them may be bad actors.

Steps to Implement Security Fix The company has published steps to implement the security fix, and will provide support to customers to transition from the cloud service to running their own standalone servers. It has also stated that in multiple audits conducted since 2021, this vulnerability was not identified.

$1.5 Million of Bitcoin Stolen The security post also listed the crypto addresses and APIs used by the attacker. On-chain analysis shows a balance of 56 Bitcoin (approximately $1.5 million) in the Bitcoin wallet linked to the attacker. This is not the first time General Bytes has experienced an attack. In August of last year, a hacker was able to steal funds from customers making deposits at its Bitcoin ATMs.

General Bytes’ Response The company has not yet responded to requests for comment on the incident. General Bytes’ website states that it has sold over 15,000 machines in over 140 countries. This incident highlights the importance of maintaining strong security measures, especially in the crypto industry where the potential for attacks is high. Companies must take proactive steps to identify and address vulnerabilities to protect their customers and their assets.

What’s your Reaction?
+1
0
+1
0
+1
0
+1
0
+1
0
+1
0
Sourcetheblock

Disclaimer: The information provided on coinvinance.biz is for educational and informational purposes only and should not be construed as financial advice. Coinvinance.biz does not provide any investment advice or recommendations. Any investment decision you make is solely your responsibility. Please conduct your own research and consult with a licensed financial advisor before making any investment decisions. Coinvinance.biz is not responsible for any financial losses that may result from your use of the information provided on this website.

SatoshiSavior
SatoshiSaviorhttp://coinfinance.biz
Satoshi Savior (invented name in honor of the great satoshi nakamoto) is the CEO and developer of CoinFinance.biz is a passionate computer programmer who has been dedicated to the world of crypto finance for several years. His identity remains anonymous, but he is known within the crypto innovation community as a highly skilled and competent expert. His motto is "TOEil, GAIN, AND DO It LOUd." - A phrase that emphasizes the hard work and determination required to succeed in the world of cryptofinance
RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -spot_imgspot_imgspot_imgspot_img

Most Popular

Recent Comments