Cryptocurrency exchange ChangeNow recovers 500,000 XRP from Gatehub hack

13 Jun, 2019
by Joeri Cant
Update
Cryptocurrency exchange ChangeNow recovers 500,000 XRP from Gatehub hack

Cryptocurrency exchange ChangeNow was able to freeze 500,000 XRP out of the 23 million XRP, which were stolen from the crypto wallet service GateHub on June 1st.

Chepicap reported last week that it was announced by XRP Forensic researcher Thomas Silkjær that a theft had occurred on the crypto wallet service GateHub, to the tune of about 23,200,000 XRP, or almost $10,000,000.

The issue was originally announced in the XRP Forensics blog, though the researchers also reached out to GateHub.

According to the post, on June 1st a theft of 201,000 XRP was detected and soon determined to have come from a GateHub wallet, which prompted investigators to look deeper. Before long, it was clear that in fact several wallets appeared to have been compromised on the service.

According to a recent statement by ChangeNow, the exchange flagged the black-listed addresses associated with the hack on GateHub and was therefor able to recover some of the stolen funds.

'After establishing the malicious addresses, we took precautions and blacklisted all of the addresses that were connected with the hack', the statement reads.

'On the 9th of June, thanks to our team’s fast and coordinated actions, we have managed to stop a solid number of XRP exchanges that the hackers tried to make through us. The total amount of Ripple that was attempted to be transferred through us is 2,5 million. We managed to retain more than 500,000 XRP.'

The cryptocurrency exchange further added that they continue to actively cooperate with GateHub representatives and are trying to find the best solution to manage the situation.

Exchanges that are being used to move the money include Huobi, Kucoin and even Binance. The researchers claim they have been in communication with all of the exchanges involved.

At this time it still unclear if there is any path to get the rest of the stolen funds back. In the meantime, stick with Chepicap for all updates!

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