GateHub provides update on the $10 Million XRP Hack

Gatehub were a victim to a hacking where some $10 million of XRP were stolen earlier in the month.
The company has announced they are making good progress in recovering some of the stolen XRP.

Ken Chigbo Independent Analyst

GateHub has updated the cryptocurrency community, as they push efforts in trying to recover the hack it encountered earlier in June. Hackers did manage to crypt-jack some $10 million worth of XRP from the cryptocurrency wallet’s platform.

An official statement was released as they tried to reassure users of progress that is being made:

We are working on improving our risk management system, on building closer connections with the community and crypto investigating officials to react faster and sharper should the situation repeat.

The company did detail that they have GateHub recovered over 500,000 XRP currently worth around $200,000. The company says it plans to do more in the coming days and weeks to rescue the remaining stolen funds.

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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