Bitcoin ATM Manufacturer Targeted by Hackers General Bytes

The attacks of hackers on crypto related firms are increasing. Bitcoin ATM maker General Bytes has also become a victim of a hack attack. Investigations conducted by the firm revealed that hackers stole funds by breaching its Crypto Application Server (CAS). This server processes the buying and selling of bitcoins from ATMs.

The hackers gained access to the CAS, posing as its administrator, and then transferred all the bitcoins found to their wallets. The Czech Republic firm is estimated to have over 8,000 bitcoin ATMs in over 120 countries. The firm has confirmed the hack attack and asked ATM users not to use its machines for a period of time. General Bytes said in a blog post that the attack was detected three days after its ATM announced the launch of a donation feature to help Ukraine.

However, the firm has not disclosed how much damage it has suffered in this attack by the hackers. Bitcoin, the largest cryptocurrency by market capitalization, is priced at around $21,292. Bitcoin made a high of around $69,000 in November last year. Since then it has declined significantly. The number of bitcoin ATMs has increased in the past few months. According to a report, around 900 bitcoin ATMs were installed in different parts of the world in the first fortnight of June. America has the largest number of these ATMs. There are approximately 33,400 crypto ATMs in the US.

These ATM machines that facilitate the purchase and sale of bitcoins are monitored by law enforcement agencies. Last year, the US Federal Bureau of Investigation (FBI) warned people specifically to avoid using crypto ATMs that claim to have confidential transactions. Major firms that provide crypto ATM services include General Bytes, Coinsource and Bitstop. In some countries, orders have also been given to stop the services of crypto ATMs.

Cryptocurrency prices in Indian exchanges

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

Leave a Comment