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Bitcoin ATM Manufacturer General Bytes Closes Cloud Service After User Hot Wallets Are Compromised

Bitcoin ATM manufacturer General Bytes has shut down its cloud service after some of its users’ hot wallets were compromised. The incident occurred when an unauthorized individual gained access to the company’s cloud-based storage, which allowed them to steal Bitcoin from several users’ hot wallets. In response, the company shut down its cloud service and urged users to move their funds to a more secure location as soon as possible. According to General Bytes, the attack did not affect any of the Bitcoin ATMs themselves or the cold wallets that store the company’s own Bitcoin holdings. However, the hot wallets of several users were compromised, resulting in the loss of their funds. The company has stated that it will be working with affected users to recover their lost Bitcoin, but it is not yet clear how much was stolen in the attack or how long it will take to recover the funds.

Analyst Notes

This incident highlights the importance of security measures when it comes to storing and managing cryptocurrency. Users should be careful when choosing where to store their funds and should always use secure storage options such as hardware wallets or cold storage. Additionally, companies that offer cloud-based cryptocurrency services must prioritize security to prevent unauthorized access and protect their customers’ funds.

https://cointelegraph.com/news/bitcoin-atm-maker-shuts-cloud-service-after-user-hot-wallets-compromised