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ChangeNow catches 500,000 stolen XRP from the GateHub hack

Crypto exchange ChangeNow recovers some of GateHub's stolen XRP. But it seems too little, too late.

2 min read
GateHub XRP funds stolen in the hack have been recovered

Some of the XRP funds stolen between May 30 and June 5 from crypto wallet GateHub have been frozen as they were passing through the platform. It was revealed on June 6 that nearly 100 XRP Ledger wallets on cryptocurrency wallet provider GateHub were hit by hackers, resulting in the loss of some 23 million XRP ($9.2 million).

Crypto exchange ChangeNow revealed on June 11 that it managed to catch 500,000 ($200,000) of the stolen XRP as it moved across its platform.

Once the hack happened, a blacklist of addresses involved in the hack was sent to ChangeNow and other wallets and exchanges in order to prevent the funds from being moved around. However, 2 million XRP ($800,000) was siphoned through ChangeNow before it was able to implement the blacklist.

GateHub community member, Thomas Silkjær, who had earlier warned about the possibility of a breach, published a report on the hack. He considered a number of possible methods the attacker may have used and ruled out others, including phishing attacks and breaches of client accounts. Instead, he suggests it may have been a leak of information from an old database.

The stolen funds that ChangeNow managed to recover are still in its custody but will be forwarded to GateHub soon.

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