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a few user reported their gatehub wallet been hacked and XRP sent to r9do2Ar8k64NxgLD6oJoywaxQhUS57Ck8k


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5 minutes ago, gatehub said:

Our Security Team has concluded an extensive forensic investigation into the recent cyber attack on GateHub. 
Please read our final statement here: https://gatehub.net/blog/gatehub-investigation-final-statement/

A final statement would include wheather you are going to reimburse  people their xrp , how this company is still in business is beyond me and the ceo should be sacked i wouldent trust him to run a lemonade stand .

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27 minutes ago, faz said:

A final statement would include wheather you are going to reimburse  people their xrp , how this company is still in business is beyond me and the ceo should be sacked i wouldent trust him to run a lemonade stand .

I won't say it's perfect or a greatly improved clarity on what kind of financial recovery can happen, but they did actually address this somewhat at the end of their post/blog/statement. I agree that it's disappointing that they either don't have the funds or choose not to cover the loss as close to in full as possible. That would usually encourage them to fight harder because the recovery of funds would determine what they recuperate, not what you do.

 

Quote

 

Once these legal procedures are completed we will know the exact amount of funds that our customers will be able to retrieve. Until then we kindly ask our customers to remain patient and report any suspected losses to their local law enforcement agencies in case they haven’t done so already.

 

 

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49 minutes ago, Xrylite said:

I won't say it's perfect or a greatly improved clarity on what kind of financial recovery can happen, but they did actually address this somewhat at the end of their post/blog/statement. I agree that it's disappointing that they either don't have the funds or choose not to cover the loss as close to in full as possible. That would usually encourage them to fight harder because the recovery of funds would determine what they recuperate, not what you do.

 

 

Total ******** (please excuse my bad words). People here lost their life savings and this behavior is totally unacceptable and absolutely disgusting when compared to how other exchanges reacted to similar issues. Thumbs down for Gatehub. Let’s gather and prepare this class action.  

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1 hour ago, Geekluca said:

Total ******** (please excuse my bad words). People here lost their life savings and this behavior is totally unacceptable and absolutely disgusting when compared to how other exchanges reacted to similar issues. Thumbs down for Gatehub. Let’s gather and prepare this class action.  

Just to be clear, I'm absolutely with you on your statements. Some people might have lost just one day's pay worth of money. However, others may have stored their emergency savings, personal loans, or possible even friend's or family's crypto investments to avoid having to teach everyone how to get into crypto. If GateHub has the finances to reimburse in full, that should be what they do.

My only contesting stance is if paying everyone back immediately guaranteed bankruptcy, it's a bit hard to assume they'd make a moral action like that and destroy a business. Instead, it seems reasonable if they'd provide an even proportion to everyone now with a promise to try and reimburse the rest over time as the company grows.

The bystander effect was taking place in this thread to where everyone said they wanted a class action, but nobody had the time, knowledge, or resources to do so. The comment from James yesterday is something I'd hope people follow up with... assuming that firm is actually excited about taking this case on and investigating and finding out how to step forward.

19 hours ago, James21 said:

It’s to the point that legal action might be what we have to do as a class action lawsuit. This firm is looking into the matter to start one. Victims can contact them. It would be good to know our options to protect ourselves at this point.  

sharova@sharovalaw.com   phone: 718-766-9401

 phone: 212-321-0741

 fax: 212-939-6211

 745 Fifth Avenue, Suite 500

 10151 New York City

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What I would appreciate is a proper explanation of why they think that they are not responsible for reimbursing people.

Personally, I'm not sure yet whether I think they should have full responsibility or not, all things considered. Not least because we don't fully understand what happened, or how appropriate the security measures in place were. But at this stage, Gatehub probably know better than anyone else, legally and morally, what their responsibilities should be, and it would be good to hear their side of the story. I presume (naively) that they think they have some very good reasons to not actively reimburse people, and after the long silence, the least that the victims and bystanders deserve is to hear the real reasons that they're making that decision.

Of course, I presume that any such statements could be held against them in future lawsuits, which is probably why they will not talk about anything like that.

Or maybe, as some people suggest, they're just sticking their head in the sand in the hope that they'll get away with it. I really hope that that is not the case.

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Here it is again how many want to call to start this? 

Class Action Law Suit

Here is the information and the first number is the direct contact.

sharova@sharovalaw.com   phone: 718-766-9401

phone: 212-321-0741

fax: 212-939-6211

745 Fifth Avenue, Suite 500

10151 New York City

147 Prince Street, 4th Floor

11201 Brooklyn New York City

sharova@sharovalaw.com 

 

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100% agreed. Its the lack off or very poor communication that makes more dammage than they even can imagine.
A strong comm, besides chasing the hacker, could have been:
Admit your mistakes
Admit your full responsability
Admit as a result that you must refund ALL claiming victims
Explain the plan how you will try to do this, albeit when this has to go overtime

The latter could be (helped by present low XRP prices): arrange an option to buy or borrow@ripple the needed XRP otc once you can....
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We are in contact with more than a dozen exchanges and wallet providers to freeze the stolen funds before they are cashed out.

Once these legal procedures are completed we will know the exact amount of funds that our customers will be able to retrieve

if my memory serves me correctly, almost eveything was cashed out (there was a tweet earlier in this post showing a visualization of stolen vs cashed and almost everything was cashed)

I hope funds retrieval to suctomers is not dependent on funds that were not cashed out...

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I think the reports of "cashed out" were just based on whether the XRP had been sent to an exchange. It's not possible to know, unless the exchanges tell us, whether the XRP had actually been exchanged to anything else and withdrawn by the hackers.

Edited by at3n
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55 minutes ago, at3n said:

I think the reports of "cashed out" we're just based on whether the XRP had been sent to an exchange. It's not possible to know, unless the exchanges tell us, whether the XRP had actually been exchanged to anything else and withdrawn by the hackers.

I was also hoping for some clarity too.  As for cashed out do they mean XRP converted to another currency or converted to flat.   Are they attempting to freeze those wallets as well?

We deserve transparency as to the amount of funds frozen from the exchanges.  

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That depends a lot on the hashing/encryption method. Which they didn't disclose.

Maybe it is in a report/postmortem of that forensic investigation? Doesn't look like it will be published though, so probably this case is closed now. Good luck with getting money via a lawyer in the US from a UK based LLC that actually is run from Slovenia... but hey, closed source web wallets, what could possibly go wrong, amirite?

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