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General Bytes has shut down cloud service after compromise



As a direct response to the compromise of a significant number of hot wallets, one of the industry’s leader in bitcoin ATMs and other blockchain-related services, General Bytes, has stated that it will be temporarily suspending its cloud service.

The decision, according to the company, was made to protect customer funds and prevent further illicit access.

General Bytes made it known that a malicious user was able to remotely upload his own Java application using the master service interface, which is utilized by terminals for video uploading, and then run the application as a user

This gave the attacker unauthorized access like the capacity to read and decrypt API keys, which are required for accessing funds stored in hot wallets and exchanges, download a list of usernames and their hashed passwords,  and also disable two-factor authentication which aids verification

General Bytes has also encouraged its customers to update their security protocols and transfer their cash to cold wallets in order to protect them. This was done to prevent the theft of cryptocurrency.

Despite the obstacle, General Bytes has not wavered from its commitment to fulfilling its mission of providing customers with innovative blockchain solutions. 

The company has asserted that it will maintain its investigation of novel approaches to bolstering security and preventing future breaches and that it will continue to collaborate closely with its customers to ensure that their requirements are met. 

The wallets used in the attack were noted as well as the IP addresses which were used in the said attack. They further gave instances to users of some suspicious content to watch out for and a “Security Incident Details” form for operatorsto fill concerning this attack. 

The experience serves as a stark reminder of the need of maintaining good security standards in the fast-expanding world of cryptocurrencies. 

It also underscores the need for service providers and their customers to have a constant awareness of one another and participate in conversation with one another.

Read also,

Ex-Google Security Engineer recovers $300,000 in Bitcoin from an encrypted file

North Korea hackers Chrges by U.S Prosecutors for Stealing over $1bn

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