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GateHub Partners with Coil to Provide New Interledger-based Deposit Method

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11 hours ago, Coolio said:

Great to see more features on gatehub.

The ILP connector of gatehub will participate as market makers on the XRPL exchange. Increased number of payments via ILP will directly improve the volume on XRPL markets which will in turn lower the cost of cross-currency payments and attract more traders to use XRPL (and XRP!)

https://twitter.com/enej_p/status/1179398458496737285

Yes, such a great news! Great move from Gatehub.  

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Dear XRP community,

It’s been a while since I last wrote here and to say it’s been a wild ride would probably be an understatement.

When we first heard of interledger it was hard to see the benefits in comparison to what XRPL was already capable of at the time. Learning more about it made it very clear that without a technology like this we simply won’t be able to scale.

This news truly brings the whole ecosystem to the next level. As some of you may know we’ve been working on interledger integration since 2016. While it took longer for the technology to mature we are finally there now. Partnership with Coil shows only a glimpse of what’s to come and I am very excited about where we are going. I applaud both GateHub and Coil teams for making it happen.

The way we see it is that ILP is great for payments, while XRPL is great for settlement and trading. This is exactly why we are setting up our ILP connectors in a way that will create a demand for liquidity on XRPL markets. Once we have the demand, supply will follow which will also make XRP a great bridge currency in a way that it was originally intended.

That said, we are deeply sorry for what happened to the victims of the attack. Security is always a moving target and we are working tirelessly on keeping our systems secure. I know it will take some time to rebuild trust but we are not giving up. Doing so would mean that the bad guys won and I will not let that happen. Upcoming security features such as multi-sig will enable us to greatly improve control and will help us match the level of security of our hosted wallets.

Kind regards,

Enej

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Dear XRP community,
It’s been a while since I last wrote here and to say it’s been a wild ride would probably be an understatement.
When we first heard of interledger it was hard to see the benefits in comparison to what XRPL was already capable of at the time. Learning more about it made it very clear that without a technology like this we simply won’t be able to scale.
This news truly brings the whole ecosystem to the next level. As some of you may know we’ve been working on interledger integration since 2016. While it took longer for the technology to mature we are finally there now. Partnership with Coil shows only a glimpse of what’s to come and I am very excited about where we are going. I applaud both GateHub and Coil teams for making it happen.
The way we see it is that ILP is great for payments, while XRPL is great for settlement and trading. This is exactly why we are setting up our ILP connectors in a way that will create a demand for liquidity on XRPL markets. Once we have the demand, supply will follow which will also make XRP a great bridge currency in a way that it was originally intended.
That said, we are deeply sorry for what happened to the victims of the attack. Security is always a moving target and we are working tirelessly on keeping our systems secure. I know it will take some time to rebuild trust but we are not giving up. Doing so would mean that the bad guys won and I will not let that happen. Upcoming security features such as multi-sig will enable us to greatly improve control and will help us match the level of security of our hosted wallets.
Kind regards,
Enej


Huh????
What about caring about the victims of your Gatehub Hack?


Verzonden vanaf mijn iPhone met Tapatalk

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@enej

I really do appreciate the work you and your team are doing to help lay the foundations for the internet of value at Gatehub. I also appreciate you reaching out to the community. As you are well aware, the XRP community has quite a negative view on your company's ability to keep their funds secure and a lot of confidence in Gatehub has been lost. Speaking for myself, I understand that security breaches or mistakes happen, but I will always put more weight on that person or company's response to the situation. I feel that the communication we all received was infrequent, had little empathy, and did not provide answers to our questions.   

As a past customer of yours, there are some questions that I feel are important to hear the answers to from you and your team. I can't say that getting the answers to these questions will change my mind or others on how we feel, but the bigger issue I see is the lack of communication and transparency that we have received after the hack took place.

With every mistake there is always an opportunity to learn and make improvements. My recommendation to start making progress with the community is that you take the time to ask questions, listen, and respond to those looking for answers. Without a doubt there will be plenty of hate, frustration, and anger on the surface (it's going to suck for a while), but I do strongly feel that the more you can help answer the communities questions and show that you and your team want to help solve your customers' problems that things can get better over time. That being said here are my questions (and I hope the community can constructively bring theirs as well):

 

  • What has Gatehub done to mitigate another attack like this from happening?
  • While the attacks were going on, emails from sites claiming to be Gatehub went out to your customers to scam them. What measures are you taking to ensure customers know they are getting official communications from you? Binance's implementation of a personal code attached to official emails seems like a decent way to solve for this.
  • What is the official number of XRP thought to be stolen? Any other assets and quantities? Were any of these taken from Gatehub owned wallets?
  • Are there plans to have Gatehub insured to cover incidents like this in the future?
  • Why couldn't Gatehub cover the cost of stolen funds for it's customers similar to what Binance did?

 

In the end we all want the XRP ecosystem to continue to grow, so we have a common interest there, but we just feel that Gatehub has been avoiding the difficult conversation. 

 

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Posted (edited)
14 hours ago, kanaas said:

That said, we are deeply sorry for what happened to the victims of the attack. Security is always a moving target and we are working tirelessly on keeping our systems secure. I know it will take some time to rebuild trust but we are not giving up. Doing so would mean that the bad guys won and I will not let that happen. Upcoming security features such as multi-sig will enable us to greatly improve control and will help us match the level of security of our hosted wallets.

WOW. That is even worse than the reaction of the justcoin management after the hack in 2014.

In this case I am happy to not be a victim. You just don't care about your users, you do not compensate any of the lost funds. I hope this case will not be forgotten. Future users should know about what happened.

Edited by baggy23

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3 hours ago, baggy23 said:

WOW. That is even worse than the reaction of the justcoin management after the hack in 2014.

In this case I am happy to not be a victim. You just don't care about your users, you do not compensate any of the lost funds. I hope this case will not be forgotten. Future users should know about what happend.

I used to be a Gatehub user.....

If this is what Gatehub thinks is the end of the matter then I can't see any trust being re-stablished.  IF there is no attempt at all to compensate the victims of the hack then why should users bother with gatehub at all.  It makes no sense for Gatehub to have been hacked, then not really give an update, then admit some form of liability by apologising for what happended and then say we need to build trust back to their customers!!  What customer would ever go back ?!

The only time I will go back to gatehub is to withdraw my XRP when the account reservation limit is reduced to 5 XRP :-)

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From your "Final Statement" @enej, published Jul 19 - and quiet since then:

Quote

 

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. 

 

So... you are just trying to buy time? Truly shocking to see how GH refutes all responsibility. It's probably the worst handling of multiple crypto hacks ever. Look how other exchanges, especially in Asia, dealt with hacks! You and everyone knows that it must be some sort of inside job, which makes GH's ignoring of all responsibility even worse.

Feeling sorry for you if you truly think that giving up means the bad guys won. You, I'm afraid, become a synonym for the bad guys. You won't be able to restore trust by ignoring your responsibility. How can you even keep afloat without any trading activity / liquidity is beyond me. Right, you fight. You should fight for your betrayed customers.

It's actually quite courageous that you dare to show your face. Teaming up with Coil, well, another result of the old Ripple connections that early on brought you most customers. The least you can do is informing victims about progress made when talking to other exchanges and authorities. But I bet you haven't shared a single word with victims yet, because you won't compensate any. Or will you?

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17 hours ago, enej said:

Dear XRP community,

It’s been a while since I last wrote here and to say it’s been a wild ride would probably be an understatement.

When we first heard of interledger it was hard to see the benefits in comparison to what XRPL was already capable of at the time. Learning more about it made it very clear that without a technology like this we simply won’t be able to scale.

This news truly brings the whole ecosystem to the next level. As some of you may know we’ve been working on interledger integration since 2016. While it took longer for the technology to mature we are finally there now. Partnership with Coil shows only a glimpse of what’s to come and I am very excited about where we are going. I applaud both GateHub and Coil teams for making it happen.

The way we see it is that ILP is great for payments, while XRPL is great for settlement and trading. This is exactly why we are setting up our ILP connectors in a way that will create a demand for liquidity on XRPL markets. Once we have the demand, supply will follow which will also make XRP a great bridge currency in a way that it was originally intended.

That said, we are deeply sorry for what happened to the victims of the attack. Security is always a moving target and we are working tirelessly on keeping our systems secure. I know it will take some time to rebuild trust but we are not giving up. Doing so would mean that the bad guys won and I will not let that happen. Upcoming security features such as multi-sig will enable us to greatly improve control and will help us match the level of security of our hosted wallets.

Kind regards,

Enej

It is so good to hear from you again on the forum.

The claims, whether perceived or true, that the hacks were an "inside job", as you can imagine, greatly scare potential traders away from using Gatehub.

Could you help reassure the community here as to what steps has/will be taken to ensure that Gatehub is not turning a blind eye to this possibility of an inside hack??

Much appreciated and much success.

Thank you.

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the crypto community has no trust in gatehub what so ever  , i,m surprised you have the nerve to show your face on this site

your not welcome by most on here . 

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