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Ripple Wallet GateHub Warns Users About Phishing Scam, 4.5 Million Stolen XRP On The Move

Just last week BitcoinExchangeGuide reported a story about Ripple wallet and gateway-as-a-service provider GateHub getting hacked. They were a victim of hacking that led to $10 Million worth of XRP getting stolen. The company did detail that they have GateHub recovered over 500,000 XRP currently worth around $200,000. The stolen funds were frozen on ChangeNow on 9 June.

However, according to popular Twitter user Whale alert, that live tracks large crypto transactions to and from exchanges, the stolen XRP is on the move. A total of 4,479,970 XRP worth about $1,795,923 USD of GateHub stolen funds have moved to unknown wallets. Given below are the details of the transactions.

There seems to be a pattern here. The biggest transaction in these 8 was for approx $900,000 USD which is about half of all the transaction. There were two transactions for $240,000 and one transaction for $160,000. Again, there were two additional transactions worth exactly half, for $80,000, which coincidentally is the difference between the previously stated amounts. It looks like a clear case of dividing the share of the loot to smaller wallets which don’t grab much of public attention.

GateHub warns users about phishing scams

There seems to be another fraud problem that the troubled wallet has to sort out in the midst of turbulent times. Their users are being targeted with phishing emails from addresses registered @gatehub.com and @gatehub.net.

The announcement says:

“Phishing emails look like they have been sent by GateHub, however, they were in fact sent by the attacker. Time of emails is night-time between 10 and 11 June 2019, UTC. The emails are malicious and did not come from GateHub.”

The phishing emails ask their targets to transfer funds to a secure wallet in the wake of the hack. The timing seems perfect as users already seem to be panicking and are more likely to make mistakes at these times.

They strictly warn their customers that they never send sensitive information such as ripple secret keys over email. They additionally say that the company does not transfer any funds to the address provided in the emails they send.

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Sritanshu Sinha

    Sritanshu has a keen interest in emerging technologies, startups and economic anthropology. He holds the view that cryptocurrencies are the best bet humanity has got to push the world towards a borderless economy.

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