By Richard Davis
Cybercrime has been named one of the biggest challenges of the cryptocurrency industry. Comprehensive data has shown that the year 2022 recorded the most cybersecurity breaches. When recounting losses, some analysts claimed that that year was the worst year for the DeFi community hence, lost huge funds to external attacks.
In an early 2023 analysis made available to the public, 2023 witnessed yet another event of high cybersecurity breaches. The most current one so far is the hacking operation carried out on Euler Finance. To curb the frequent reoccurrence of these nefarious activities, stakeholders in the industry are now working on shutting down cloud activities on BTC ATMs.
One of the pioneers of this project is General Bytes, a Florida, United States-based BTC ATM maker. They have started making the cryptocurrency ATM and the entire cryptocurrency industry safer for investors. From the explanation given by the company on how these attackers pull it off, they say they target multiple hot wallets and steal their passwords, private keys, and other important security information. They further revealed that these hackers breached their target’s cloud services before moving to the standalone servers.
General Bytes Hacked, Funds Stolen
At the time of this writing, General Bytes has yet to reveal the amount of money stolen. It was gathered that most of the hackers had targeted the customer’s hot wallets. When giving an account of how the hack occurred, the company’s spokesman says that the attackers first installed a Java program into the company’s terminal via master service operations.
It was said that the sole aim is to extract as much user data as they can and use it to send money to their different wallets. Later in the day, it was gathered that the company had sent a warning email to users about the ugly development. According to Karel Kyovsky, General Bytes’ founder, the hacker penetrated the company’s database through its terminals. He further revealed that this action also allowed the hackers access and decrypt API keys, allowing them easy access to the monies in those hot wallets.