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


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Worth noting that if Gatehub did end up paying out (or being forced to), any USD IOUs on the ledger from Gatehub might become worthless if they end up closing down due to bankruptcy. Currently the USD Gatehub exchange rate (to USD Bitstamp) looks stable, but it would rapidly tank if there were news of any Gatehub insolvency. Anyone holding on to any would be well advised to offload them sooner rather than later (just in case).

https://xrpcharts.ripple.com/#/markets/USD:rvYAfWj5gh67oV6fW32ZzP3Aw4Eubs59B/USD:rhub8VRN55s94qWKDv6jmDy1pUykJzF3wq?interval=1d&range=3m&type=line

 

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On June 1 we were made aware of a theft of 201,000 XRP (transaction F6E9E1385E11649A6C2F88723A821AF209B54030886539DCEF9DDD00E6446948) and immediately started investigation. It turned out that the acco

Reminder: There is no direct evidence pointing to Gatehub being responsible even though it may appear as the most likely scenario right now. Just be careful about jumping to conclusions What you c

Hey all! We are aware of the matter and are looking into it. If anyone has any information please contact us at: security@gatehub.net   GateHub

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12 hours ago, at3n said:

I agree that in all likelihood, Gatehub is at fault (fault of negligence). If they weren't at fault, I think they would have put forward a reason. I don't necessarily agree that they are trying to avoid paying, I just think that they're drawing the situation out for some reason which hasn't been directly disclosed to us. It's a possibility that they're trying to sweep it under the rug, but to state or imply that it's 100% true without any hard facts backing it up is misleading, IMO.

I don't agree that if they wanted to pay, they would. It's really not a simple situation. For example, they may not have enough to pay. If they use up all of their assets paying, then that will put their employees out of work, cause financial damage to their shareholders (who I presume they have some contractual obligation to?), which might open them up to further legal action, not to mention the individuals within the company who would be negatively affected. Yes, there's arguments that the victims of the hack deserve the money more, but my point is it's not a straightforward call to make, especially for us, who have zero insider information.

I'm also disappointed at the continued lack of explanation from them. But I'm assuming, for now, that they still haven't worked out what to do? If they're working through legal systems and law enforcement, then they obviously have to be very careful about what they're saying. There may be many side issues arising from the fact that the XRP was not stolen from Gatehub, but from the individual owners.

This is not the same as an exchange hack, as you know. What sort of legal and tax situations may need to be overcome considering the complexities? I don't know, but I bet it's not simple. Essentially it would be a private company gifting millions of dollars to individuals, after a third party (hackers) having directly stole it from the individuals. To us it makes sense, given the circumstances, but when it would need to comply with legal and tax systems across probably dozens of countries... I'm ok with giving them more time to work it out.

And as already mentioned, the XRP that was actually recovered by exchanges, how on earth will they work out who's entitled to it anyway? I would think that Gatehub don't even have a say in that.

My logic is that we don't have enough information to state that Gatehub will never pay out. And I hope that the above will help explain my thought process to you. It is, of course, my opinion only.

are you nuts? from their statement it's obvious they are not paying else they would have written something like 'we will try out best to recover and if all else fail will pay from our reserve' etc. if i lose 5000 xrp they can take forever to resolve. those who lost 10s of thousands to millions xrp you think they not anxious for their money and the opportunity cost? put yourself in their shoes.

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9 hours ago, jlripple said:

are you nuts? from their statement it's obvious they are not paying else they would have written something like 'we will try out best to recover and if all else fail will pay from our reserve' etc.

How do you know they would write that? I don't think that they would announce plans to bankrupt themselves until all other options were exhausted. That's me assuming that they can't afford to pay out and stay in business (or at all).

9 hours ago, jlripple said:

those who lost 10s of thousands to millions xrp you think they not anxious for their money and the opportunity cost? put yourself in their shoes.

Of course, but that doesn't oblige a business to jump the gun and make statements promising that everything will be ok when they might have no means of following through?

Don't get me wrong, I don't think their communication so far is acceptable, and I really feel for the people who have lost.

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17 hours ago, ShimsXRP said:

How is @gatehub ; who activated this account allowing this??  

I could be wrong but my understanding is that the attacker is able to obtain the wallet key from an inadequately encrypted version stored originally at Gatehub.  Once she has the keys there is nothing to stop her from doing whatever she likes with that wallet and no one can stop her unless the original owner gets the wallet rekeyed.

 

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56 minutes ago, Tinyaccount said:

I could be wrong but my understanding is that the attacker is able to obtain the wallet key from an inadequately encrypted version stored originally at Gatehub.  Once she has the keys there is nothing to stop her from doing whatever she likes with that wallet and no one can stop her unless the original owner gets the wallet rekeyed.

 

She? Her? Don't you dare to blame it on us!

My understanding is that is was a guy. For the rest you are correct.

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50 minutes ago, mrenne said:

She? Her? Don't you dare to blame it on us!

My understanding is that is was a guy. For the rest you are correct.

Oh dear...    in trying to be good I’ve been bad.  ‘‘Twas ever thus.   :) 

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On 8/6/2019 at 10:32 AM, ShimsXRP said:

What's driving me crazy is that my attackers wallet is still clearly stealing coins from others; rswQEtBU9M3bG97uVcPu5xPUsg68wo7aQc 

https://bithomp.com/explorer/rswQEtBU9M3bG97uVcPu5xPUsg68wo7aQc

How is @gatehub ; who activated this account allowing this??  

Where you able to freeze any of your stolen funds?  What was the response from Gatehub?

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On 8/10/2019 at 12:04 PM, Jillian said:

Where you able to freeze any of your stolen funds?  What was the response from Gatehub?

No,  The responses from @gatehub were the below,

 

July 15:
"Your case has been forwarded to our security and investigations team. 

We will get back to you as soon as we receive instructions on how to proceed."

 

July 19:

"Unfortunately your account has been compromised by the attacker.

This is the wallet your funds have been sent:
https://bithomp.com/explorer/rswQEtBU9M3bG97uVcPu5xPUsg68wo7aQc

We have already contacted the receiving exchanges : HitBTC, Binance and Change.now in order to freeze any received funds from this wallet address.

We kindly ask you to do the same. 

Additionally, please report the incident to Local Law Enforcement agencies."

 

They have not responded to me since July 19, with any updates. I doubt any of the funds were frozen as the money is still moving.

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