QUADRIGA INITIATIVE
CRYPTO WATCHDOG & FRAUD RECOVERY PLATFORM
A COMMUNITY-BASED, NOT-FOR-PROFIT
$1 500 000 USD
MARCH 2023
GLOBAL
GENERAL BYTES
DESCRIPTION OF EVENTS
"Bitcoin and Cryptocurrency ATMs" "Discover the full range of the World's best-selling Bitcoin ATMs! One-way and Two-way Bitcoin ATMs working on our platform are synonyms for reliability, scalability, attractiveness, manageability, and profitability."
"We offer the industry's broadest range of Bitcoin ATMs, including one-way and two-way models. Our cloud-based management app, CAS, helps clients easily manage their fleets of Bitcoin ATMs. GENERAL BYTES is the global leader in Bitcoin ATM manufacturing, with 11,000+ ATMs operated worldwide in 60+ countries. Our modular design meets global AML/KYC requirements, and our seamless integration simplifies commission, fee, and compliance management. Our machines support instant Bitcoin purchase/sale via Lightning technology. Watch this video to learn more about us!"
General Bytes "is based in Prague and, according to its website, has sold over 15,000 Bitcoin ATMs to purchasers in over 149 countries all over the world."
"It was understood that the hack led to at least 56 Bitcoin, worth over $1.5 million at current prices, and 21.82 Ether, $37,000 at current prices, being deposited into wallets connected to the hacker."
“We have taken immediate steps to prevent further unauthorized access to our systems and are working tirelessly to protect our customers,” General Bytes said in a statement.
"Along with the reimbursement for affected customers, the ATM manufacturer has also said they are encouraging all customers to migrate to a self-hosted server installation, where they can effectively secure their server platform using VPN."
General Bytes is one of the most well-known bitcoin ATM companies globally. On March 17th, 2023, a zero-day exploit was found and exploited in their Java-based system. This was used by the attacker to steal 56.23311638 BTC among other assets. There is no suggestion that any funds have been recovered, although the company is compensating victims from their own funds.
https://cointelegraph.com/news/bitcoin-atm-maker-to-refund-customers-impacted-by-zero-day-hack (Mar 28)
Next-generation Bitcoin ATMs and Cryptocurrency ATMs (Apr 17)
About Us and blockchain technology (Apr 17)
https://cointelegraph.com/news/9-years-after-the-first-bitcoin-atm-there-are-now-38-804-globally (Apr 17)
@generalbytes Twitter (Apr 17)
https://generalbytes.atlassian.net/wiki/spaces/ESD/pages/2885222430/Security+Incident+March+17-18th+2023 (Apr 17)
Address: bc1qfa8pryacrjuzp9287zc2ufz5n0hdthff0av440 (Apr 17)
Transaction: fc7c047fb83b2535cad0a8fea12aface57d43ad410ed8152098ed87a4456436d | Blockchain.com (Apr 17)
Transaction: ee427122d31b1771d030f6cafb0bd93630e1e6179ba4c94468005ae24ecfc02e | Blockchain.com (Apr 17)
https://generalbytes.atlassian.net/wiki/pages/viewpage.action?pageId=2885222518&navigatingVersions=true (Apr 17)
https://cointelegraph.com/news/bitcoin-atm-maker-shuts-cloud-service-after-user-hot-wallets-compromised (Apr 17)
https://cointelegraph.com/news/hackers-exploit-zero-day-bug-to-steal-from-general-bytes-bitcoin-atms (Apr 17)
https://cointelegraph.com/news/less-than-100-bitcoin-atms-added-worldwide-in-the-second-half-of-2022-data (Apr 17)
