Cryptocurrency

ZachXBT calls out Gate.io for keeping 2018 hack under wraps

Cryptocurrency exchange Gate.io covered up an April 18, 2018 hack that allegedly stole $230 million from the exchange. according to A November 14th Twitter thread details an incident by on-chain detective ZachXBT.

ZachXBT called Gate.io Founder and CEO Lin Han: claim For the security of blockchain assets, Gate.io claims through a series of tweets on Nov. 10 following the downfall of FTX that it protects its customers’ assets with systematic solutions.

ZachXBT also shared screenshots of his interactions with Gate.io in a Twitter thread. Gate.io has dismissed the questions and criticisms regarding the cover-up. Instead, it said its platform has “many built-in mechanisms” that no one can break into.

Gate.io hack investigation

Gate.io offers approximately $10,777.94 in Bitcoin (BTC), $218,790 in Ethereum (ETH), $3,783 in Zcash, $99,999,000 in Dogecoin (DOGE), $3,043,268 in Ripple (XRP), and $11,000 in Litecoin ( LTC), hacked with Ethereum Classic (ETC) at $175,866. , which totaled 234,337,668.88.

At the same time, it became one of four exchanges targeted by North Korean co-conspirators to fund weapons of mass destruction (WMD) programs, with combined revenue estimated at up to $2 billion. Other hack victims YouBit, UpBit, and Bithumb lost about $500 million, $50 million, and $30 million, respectively.

As part of the Gate.io hack investigation, ZachXBT shared a series of tweets from on-chain detective Austin @1A1zP1. detailed His efforts to trace LTC and BTC on-chain transactions stolen from Gate.io cold wallet addresses.

Austin also expressed concern about Gate.io’s reuse of addresses and clusters (groups of bitcoin addresses controlled by one entity) that were hacked in 2015. It contradicts Gate.io’s claims that it holds the security of a self-described as one of the safest exchanges in the world.

The hack refers to the loss of 7,170 bitcoins from cold wallets as a result of the hack when Gate.io still operated under its original name Bter.com.

Later, after China banned initial coin offerings and fiat-to-crypto spot trading in 2017, Bter.com relaunched as Gate.io, offering cryptocurrency trading and over-the-counter (OTC) trading of the Chinese yuan. It was started. Bter has not disclosed how the hack occurred, but was able to recover some of the stolen funds.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button