Gatecoin Hack: Difference between revisions
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Gatecoin was one of the first regulated digital asset exchanges. This didn’t stop the hack of 185,000 ETH and 250 BTC. According to a forensic analysis, the exchange may have been the victim of a man-in-the-middle attack. The malicious external party involved in this breach managed to alter their system so that BTC and ETH deposit transfers bypassed the multisig cold storage and went directly to the hacker’s | Gatecoin was one of the first regulated digital asset exchanges. This didn’t stop the hack of 185,000 ETH and 250 BTC. According to a forensic analysis, the exchange may have been the victim of a man-in-the-middle attack. The malicious external party involved in this breach managed to alter their system so that BTC and ETH deposit transfers bypassed the multisig cold storage and went directly to the hacker’s wallet during the breach period. The company fired their CTO, managed to raise $500k in order to reopen, and ultimately repaid all customers. They were saved by maintaining large cold wallet reserves which appear to have been properly stored, and appear to have dealt with the issue transparently. Having hot wallet insurance would have further assisted with the recovery; however a system like Proof of Reserves or an automated alert system could have allowed the issue to be noted sooner. | ||
This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong. | This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.<ref>https://cointelegraph.com/news/gatecoin-launches-bitcoin-exchange-with-segregated-bank-accounts</ref><ref>https://gatecoin.com/</ref><ref>https://www.bloomberg.com/news/articles/2019-03-03/why-crypto-companies-still-can-t-open-checking-accounts</ref><ref>https://www.reddit.com/r/gatecoin/comments/b0pe1i/gatecoin_liquidated/</ref><ref>https://www.coindesk.com/markets/2016/05/13/digital-currency-exchange-gatecoin-offline-after-loss-of-funds/</ref><ref>https://twitter.com/Gatecoin/status/732136409650208768</ref><ref>https://np.reddit.com/r/ethereum/comments/4oxog1/gatecoins_hacked_ether_addresses_are_known_do_we/</ref> | ||
== About Gatecoin == | == About Gatecoin == | ||
Established in 2013 in Hong Kong, Gatecoin primarily focused on Bitcoin and Ethereum markets<ref name="thenextweb-16" />. | Established in 2013 in Hong Kong, Gatecoin primarily focused on Bitcoin and Ethereum markets<ref name="thenextweb-16" />. | ||
Aurélien Menant was the current CEO at the time of the incident<ref name=":0" />. | Aurélien Menant was the current CEO at the time of the incident<ref name=":0">[https://old.reddit.com/r/gatecoin/comments/4jb1la/official_statement_regarding_gatecoin_hot_wallet/ OFFICIAL STATEMENT REGARDING GATECOIN HOT WALLET BREACH - Reddit] (Accessed Apr 2, 2024)</ref>. | ||
== The Reality == | == The Reality == | ||
Gatecoin was not monitoring their balance integrity on an ongoing basis, and was unaware of an intrusion into their system. | |||
== What Happened == | == What Happened == | ||
Between May 9th and May 12th, 2016, funds sent to Gatecoin were diverted to an external wallet controlled by an attacker. | |||
{| class="wikitable" | {| class="wikitable" | ||
|+Key Event Timeline - Gatecoin Hack | |+Key Event Timeline - Gatecoin Hack | ||
| Line 28: | Line 23: | ||
|May 9th, 2016 | |May 9th, 2016 | ||
|Breach Begin | |Breach Begin | ||
|The reported date that that breach began | |The reported date that that breach began<ref name=":1">[https://www.coindesk.com/gatecoin-2-million-bitcoin-ether-security-breach Gatecoin Claims $2 Million in Bitcoins and Ethers Lost in Security Breach - CoinDesk]</ref> at "late night HKT"<ref name=":0" />. There was a "disruption of [the Gatecoin] service caused by a server reboot"<ref name=":0" />. They "strongly believe that the breach is linked to this event"<ref name=":0" />. | ||
|- | |- | ||
|May 12th, 2016 | |May 12th, 2016 | ||
|Breach Ended | |Breach Ended | ||
|The reported date that the breach ended<ref name=":0" />. | |The reported date that the breach ended on "Thursday evening HKT"<ref name=":0" />. | ||
|- | |- | ||
|May 13th, 2016 | |May 13th, 2016 | ||
|Cited Date | |Cited Date | ||
|The date of the hack cited by Kyle Gibson<ref name="kylegibson-86" />. | |The date of the hack cited by Kyle Gibson<ref name="kylegibson-86" />. On "Friday night HKT" is when the team "detected some suspicious transactions and immediately suspended [thei]r services to investigate"<ref name=":0" />. | ||
|- | |- | ||
|May 14th, 2016 5:22:56 AM MDT | |May 14th, 2016 5:22:56 AM MDT | ||
| Line 49: | Line 44: | ||
|Withdrawal Platform Promised | |Withdrawal Platform Promised | ||
|The original Reddit announcement promised a withdrawal site would be made available on May 28th<ref name=":0" />. The promised withdrawals were for remaining funds in BTC, DAO, DGD, REP, USD, EUR and HKD<ref name=":0" />. | |The original Reddit announcement promised a withdrawal site would be made available on May 28th<ref name=":0" />. The promised withdrawals were for remaining funds in BTC, DAO, DGD, REP, USD, EUR and HKD<ref name=":0" />. | ||
|- | |||
|September 15th, 2017 | |||
|Gatecoin Banking Freeze | |||
|Gatecoin bank accounts are frozen without prior notice being provided<ref name=":2">[https://cointelegraph.com/news/banks-shun-bitcoin-in-hong-kong-businesses-seek-foreign-help Banks Shun Bitcoin In Hong Kong, Businesses Seek Foreign Help - CoinTelegraph] (Accessed Apr 8, 2024)</ref>. Details about the suspension were not provided in a phone call the exchange received from a Hang Seng Bank representative at the time<ref name=":3">[https://www.scmp.com/news/hong-kong/economy/article/2120506/hong-kongs-bitcoin-businesses-suffer-after-local-bank Hong Kong’s bitcoin businesses suffer after local bank accounts frozen - SCMP] (Accessed Apr 8, 2024)</ref>. | |||
|- | |||
|November 20th, 2017 4:46:00 AM MST | |||
|CoinTelegraph Banking Freeze Report | |||
|CoinTelegraph reports on Gatecoin losing its banking services<ref name=":2" />. Despite the surge in customer base and Bitcoin price rally, Gatecoin experienced a banking freeze in September without prior notice, forcing it to seek foreign banking support to continue operations<ref name=":2" />. This incident highlights the challenges faced by cryptocurrency businesses in accessing banking services, with many relying on foreign banks to operate amidst domestic restrictions<ref name=":2" />. Additionally, the resistance from Hong Kong's banking sector contrasts with its interest in blockchain technology, as evidenced by the participation of twenty local banks in a trade network with Singapore utilizing blockchain<ref name=":2" />. | |||
|- | |- | ||
|March 14th, 2019 8:50:00 AM MDT | |March 14th, 2019 8:50:00 AM MDT | ||
| Line 89: | Line 92: | ||
== Immediate Reactions == | == Immediate Reactions == | ||
Gatecoin involved the services of third party Tehtri Security to conduct a forensic examination<ref name=":0" />. | |||
"News emerged last week of yet another security event in the digital currency exchange ecosystem, this time impacting a Hong Kong-based service involved in the sale of assets related to Ethereum-based decentralized autonomous organizations (DAOs). As reported on Friday, Gatecoin experienced a cyberattack on its hot wallets that resulted in the loss of funds. A new update from the exchange team indicated that as much as $2m was lost, confirming rumors that circulated soon after the hack became apparent."<ref name="kylegibson-86" /> | "News emerged last week of yet another security event in the digital currency exchange ecosystem, this time impacting a Hong Kong-based service involved in the sale of assets related to Ethereum-based decentralized autonomous organizations (DAOs). As reported on Friday, Gatecoin experienced a cyberattack on its hot wallets that resulted in the loss of funds. A new update from the exchange team indicated that as much as $2m was lost, confirming rumors that circulated soon after the hack became apparent."<ref name="kylegibson-86" /> | ||
| Line 106: | Line 108: | ||
=== Banking Disruptions in 2017 === | === Banking Disruptions in 2017 === | ||
Gatecoin experienced banking disruptions in 2017 when its Hong Kong-based accounts were frozen<ref name="thenextweb-16" />. | Gatecoin experienced banking disruptions in September 2017<ref name=":3" /> when its Hong Kong-based bank accounts at Hang Seng Bank<ref name=":3" /> were frozen<ref name="thenextweb-16" /> without any prior notice<ref name=":2" />. The bank representative who phoned with the news was not able to provide details about the suspension at the time<ref name=":3" />. The exchange subsequently moved to use a foreign bank based in Singapore<ref name=":2" /><ref name=":3" />. | ||
=== Exchange Enters Bankruptcy === | === Exchange Enters Bankruptcy === | ||
| Line 118: | Line 120: | ||
== Total Amount Recovered == | == Total Amount Recovered == | ||
There do not appear to have been any funds recovered in this case. | There do not appear to have been any funds recovered in this case. | ||
== Ongoing Developments == | == Ongoing Developments == | ||
TBD | |||
== Individual Prevention Policies == | == Individual Prevention Policies == | ||
{{Prevention:Individuals:Placeholder}} | {{Prevention:Individuals:Placeholder}} | ||
{{Prevention:Individuals:Avoid Third Party Custodians}} | |||
{{Prevention:Individuals:Avoid Third Party Custodians}} | |||
{{Prevention:Individuals:End}} | {{Prevention:Individuals:End}} | ||
| Line 132: | Line 134: | ||
== Platform Prevention Policies == | == Platform Prevention Policies == | ||
{{Prevention:Platforms:Placeholder}} | {{Prevention:Platforms:Placeholder}} | ||
{{Prevention:Platforms:Establish Industry Insurance Fund}} | |||
{{Prevention:Platforms:End}} | {{Prevention:Platforms:End}} | ||
| Line 137: | Line 141: | ||
== Regulatory Prevention Policies == | == Regulatory Prevention Policies == | ||
{{Prevention:Regulators:Placeholder}} | {{Prevention:Regulators:Placeholder}} | ||
{{Prevention:Regulators:Establish Industry Insurance Fund}} | |||
{{Prevention:Regulators:End}} | {{Prevention:Regulators:End}} | ||
Revision as of 16:06, 8 April 2024
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Gatecoin was one of the first regulated digital asset exchanges. This didn’t stop the hack of 185,000 ETH and 250 BTC. According to a forensic analysis, the exchange may have been the victim of a man-in-the-middle attack. The malicious external party involved in this breach managed to alter their system so that BTC and ETH deposit transfers bypassed the multisig cold storage and went directly to the hacker’s wallet during the breach period. The company fired their CTO, managed to raise $500k in order to reopen, and ultimately repaid all customers. They were saved by maintaining large cold wallet reserves which appear to have been properly stored, and appear to have dealt with the issue transparently. Having hot wallet insurance would have further assisted with the recovery; however a system like Proof of Reserves or an automated alert system could have allowed the issue to be noted sooner.
This exchange or platform is based in Hong Kong, or the incident targeted people primarily in Hong Kong.[1][2][3][4][5][6][7]
About Gatecoin
Established in 2013 in Hong Kong, Gatecoin primarily focused on Bitcoin and Ethereum markets[8].
Aurélien Menant was the current CEO at the time of the incident[9].
The Reality
Gatecoin was not monitoring their balance integrity on an ongoing basis, and was unaware of an intrusion into their system.
What Happened
Between May 9th and May 12th, 2016, funds sent to Gatecoin were diverted to an external wallet controlled by an attacker.
| Date | Event | Description |
|---|---|---|
| May 9th, 2016 | Breach Begin | The reported date that that breach began[10] at "late night HKT"[9]. There was a "disruption of [the Gatecoin] service caused by a server reboot"[9]. They "strongly believe that the breach is linked to this event"[9]. |
| May 12th, 2016 | Breach Ended | The reported date that the breach ended on "Thursday evening HKT"[9]. |
| May 13th, 2016 | Cited Date | The date of the hack cited by Kyle Gibson[11]. On "Friday night HKT" is when the team "detected some suspicious transactions and immediately suspended [thei]r services to investigate"[9]. |
| May 14th, 2016 5:22:56 AM MDT | Official Statement Released On Reddit | In a Reddit post, Gatecoin confirmed a breach of its system resulting in the loss of 15% of its crypto-asset deposits, valued at approximately $2 million[9]. The breach occurred between May 9 and May 12, 2016, with suspicious transactions detected on May 13 prompting the suspension of services. Despite storing most funds in multi-signature cold wallets, hackers bypassed this security measure, diverting ETH and BTC deposits to hot wallets during the breach. Gatecoin plans to release a platform for clients to withdraw remaining funds by May 28, 2016, with the exact date for ETH withdrawals pending confirmation. The exchange assures the security of DGD, REP, and DAO funds, while working to raise additional funds to reimburse affected customers. Gatecoin expresses gratitude for community support and pledges to provide updates via Twitter, Reddit, and its homepage[9]. |
| May 16th, 2016 10:27:00 AM MDT | CoinDesk Article On Breach | CoinDesk reports that Gatecoin has disclosed the cyberattack on its hot wallets, with the loss of funds estimated at $2 million[10]. The breach, believed to have begun on May 9th and continued for three days, led to the theft of 185,000 ethers and 250 bitcoins. Gatecoin acknowledged that its security measures, including multi-signature cold wallets, were compromised, allowing funds to bypass cold storage and go directly to hot wallets during the breach. The incident coincided with TheDAO's crowdsale, raising concerns about the security of Ethereum-based tokens[10]. Gatecoin plans to establish a portal for withdrawing DAO-related tokens in two weeks but did not specify a timeline for processing bitcoin and ether withdrawals[10]. |
| May 28th, 2016 | Withdrawal Platform Promised | The original Reddit announcement promised a withdrawal site would be made available on May 28th[9]. The promised withdrawals were for remaining funds in BTC, DAO, DGD, REP, USD, EUR and HKD[9]. |
| September 15th, 2017 | Gatecoin Banking Freeze | Gatecoin bank accounts are frozen without prior notice being provided[12]. Details about the suspension were not provided in a phone call the exchange received from a Hang Seng Bank representative at the time[13]. |
| November 20th, 2017 4:46:00 AM MST | CoinTelegraph Banking Freeze Report | CoinTelegraph reports on Gatecoin losing its banking services[12]. Despite the surge in customer base and Bitcoin price rally, Gatecoin experienced a banking freeze in September without prior notice, forcing it to seek foreign banking support to continue operations[12]. This incident highlights the challenges faced by cryptocurrency businesses in accessing banking services, with many relying on foreign banks to operate amidst domestic restrictions[12]. Additionally, the resistance from Hong Kong's banking sector contrasts with its interest in blockchain technology, as evidenced by the participation of twenty local banks in a trade network with Singapore utilizing blockchain[12]. |
| March 14th, 2019 8:50:00 AM MDT | CoinTelegraph Article On Bankruptcy | CoinTelegraph reports that following ongoing banking problems and a tumultuous history marked by a major hack in May 2016, Hong Kong-based cryptocurrency exchange Gatecoin has been ordered to undergo compulsory liquidation[14]. The exchange, which lost around $2 million in cryptocurrencies during the hack, announced its winding-up order on March 13, leading to an immediate cessation of operations. Gatecoin attributed its financial difficulties to issues with a Payment Service Provider (PSP), which it claimed failed to process transfers promptly, causing substantial losses and ultimately rendering the exchange unable to sustain its operations[14]. Despite efforts to recover funds and mitigate losses, Gatecoin's struggles persisted, leading to its final liquidation[14]. |
| March 14th, 2019 7:00:17 PM MDT | CoinDesk Article On Bankruptcy | CoinDesk reports that Hong Kong-based cryptocurrency exchange Gatecoin is set to cease operations and enter liquidation following a prolonged struggle to recover funds lost amid a dispute with a former payment services provider[15]. The announcement, made via the company's website, cited ongoing banking issues since September 2018 as a primary reason for the shutdown[15]. Despite efforts to resume operations with alternative processors and banks, Gatecoin faced insurmountable challenges, leading to a court order to wind up immediately[15]. The exchange assured customers of its intent to distribute remaining assets to creditors but left uncertainties regarding reimbursement for those affected by the 2016 cyberattack that resulted in the loss of significant cryptocurrency holdings[15]. |
| April 1st, 2019 2:45:11 AM MDT | TheNextWeb Article | TheNextWeb reports on Gatecoin has finally met its demise as liquidators take control of the company after facing a series of hacking incidents and banking troubles[8]. Established in 2013 in Hong Kong, Gatecoin primarily focused on Bitcoin and Ethereum markets. However, in 2016, it suffered a significant loss of 185,000 ETH and 250 BTC due to a hack on its hot wallets, followed by banking disruptions in 2017 when its Hong Kong-based accounts were frozen[8]. With the appointment of official liquidators, Gatecoin's journey comes to a definitive end, marking the closure of one of the pioneering exchanges in the cryptocurrency landscape[8]. |
Technical Details
Breach Of Multi-Signature Systems
"We have previously communicated the fact that most clients’ crypto-asset funds are stored in multi-signature cold wallets. However, the malicious external party involved in this breach, managed to alter our system so that ETH deposit transfers by-passed the multi-sig cold storage and went directly to the hot wallet during the breach period. This means that losses of ETH funds exceed the 5% limit that we imposed on our hot wallets."
Wallets Used By Thief
The forensic examination identified several wallets which were involved in the theft[9]:
*0x04786aada9deea2150deab7b3b8911c309f5ed90 *0xc062dceed93087c9112ff7b02d53e928e49cec09 *0x1342a001544b8b7ae4a5d374e33114c66d78bd5f *0xd4914762f9bd566bd0882b71af5439c0476d2ff6 *4a1b96b166de37860195af37b6396a0516b009536e0f332006ca61b4fab0cd08 *2f41b858712149df089c21d4e1c036e0a465335c5a29be38df8e945a51e4d809 *271c51ff2e6c84c565c94d79872a79d77726fccd47192b6c8f6745f7482e281a *435e0cc79372eef5f43d8d81320940165ea1a0828adab3fdb9822a17caffaf2b *d494c7ca3a03f30c121b02f558b068d3597092454ad325bc320383f070d536bc *90622fc9968b79c90a9ac26f11d13d8dd97ba5b7e9c103594873e6306f7357ea
Total Amount Lost
On May 14th, Gatecoin announced that the losses were 15% of their client funds with a total of 185,000 ETH and 250 BTC reported[9]. News sources such as CoinDesk and TheNextWeb reported the full loss amount[10][8].
Kyle Gibson reported only the amount at 250 bitcoin, with an estimated value of $2,500,000 USD[11]. The theft of any Ethereum amount was not mentioned in his report[11].
Gatecoin stated that the lost cryptocurrency was "equivalent to USD 2 million" in their Reddit post[9]. According to CoinTelegraph, the amount lost "during the hack" was "around $2 million in cryptocurrencies"[14]. CoinDesk estimated that amount as $2.14m at "press time"[10].
The total amount lost has been estimated at $2,500,000 USD.
Immediate Reactions
Gatecoin involved the services of third party Tehtri Security to conduct a forensic examination[9].
"News emerged last week of yet another security event in the digital currency exchange ecosystem, this time impacting a Hong Kong-based service involved in the sale of assets related to Ethereum-based decentralized autonomous organizations (DAOs). As reported on Friday, Gatecoin experienced a cyberattack on its hot wallets that resulted in the loss of funds. A new update from the exchange team indicated that as much as $2m was lost, confirming rumors that circulated soon after the hack became apparent."[11]
Statement On Reddit
On May 14th, a day after noticing the suspicious transactions and shutting down their services, Gatecoin issued a public statement through Reddit[9].
The Gatecoin team greatly appreciates the patience of all users and stakeholders while we work with Tehtri Security to confirm all of the details related to the breach and ensure that our systems can be moved to a new, clean, thoroughly tested, and monitored infrastructure before services can resume.
We sincerely apologize for all the concern experienced by our clients and for the inconvenience caused while clients wait for their fund withdrawals to be processed. Gatecoin would also like to express our gratitude to the community of exchanges that have very kindly volunteered to help identify the parties responsible for the stolen funds.
Ultimate Outcome
Gatecoin experienced significant banking disruptions in 2017, and ultimately entered bankruptcy in 2019. The exchange is remembered in various historical records.
Banking Disruptions in 2017
Gatecoin experienced banking disruptions in September 2017[13] when its Hong Kong-based bank accounts at Hang Seng Bank[13] were frozen[8] without any prior notice[12]. The bank representative who phoned with the news was not able to provide details about the suspension at the time[13]. The exchange subsequently moved to use a foreign bank based in Singapore[12][13].
Exchange Enters Bankruptcy
Hong Kong-based cryptocurrency exchange Gatecoin was reportedly ordered to undergo compulsory liquidation on March 13th, 2019, although the court issuing the order was not specified[15][14]. The exchange, which , announced its winding-up order on March 13, leading to an immediate cessation of operations. Gatecoin attributed its financial difficulties to issues with a Payment Service Provider (PSP), which it claimed failed to process transfers promptly, causing substantial losses and ultimately rendering the exchange unable to sustain its operations[14]. TheNextWeb reported on April 1st that Gatecoin had finally met its demise as liquidators take control of the company after facing a series of hacking incidents and banking troubles[8]. Despite efforts to recover funds and mitigate losses, Gatecoin's struggles persisted, leading to its final liquidation[14]. With the appointment of official liquidators, Gatecoin's journey comes to a definitive end, marking the closure of one of the pioneering exchanges in the cryptocurrency landscape[8].
CoinDesk reports that Hong Kong-based cryptocurrency exchange Gatecoin is set to cease operations and enter liquidation following a prolonged struggle to recover funds lost amid a dispute with a former payment services provider. The announcement, made via the company's website, cited ongoing banking issues since September 2018 as a primary reason for the shutdown[15]. Despite efforts to resume operations with alternative processors and banks, Gatecoin faced insurmountable challenges, leading to a court order to wind up immediately[15]. The exchange assured customers of its intent to distribute remaining assets to creditors but left uncertainties regarding reimbursement for those affected by the 2016 cyberattack that resulted in the loss of significant cryptocurrency holdings[15].
Inclusion On Hack Lists
The attack was included on a list put together by Kyle Gibson[11].[16][17]
Total Amount Recovered
There do not appear to have been any funds recovered in this case.
Ongoing Developments
TBD
Individual Prevention Policies
No specific policies for individual prevention have yet been identified in this case.
When using any third party custodial platform (such as for trading), it is important to verify that the platform has a full backing of all assets, and that assets have been secured in a proper multi-signature wallet held by several trusted and trained individuals. If this can't be validated, then users should avoid using that platform. Unfortunately, most centralized platforms today still do not provide the level of transparency and third party validation which would be necessary to ensure that assets have been kept secure and properly backed. Therefore, the most effective strategy at present remains to learn proper self custody practices and avoid using any third party custodial platforms whenever possible.
When using any third party custodial platform (such as for trading), it is important to verify that the platform has a full backing of all assets, and that assets have been secured in a proper multi-signature wallet held by several trusted and trained individuals. If this can't be validated, then users should avoid using that platform. Unfortunately, most centralized platforms today still do not provide the level of transparency and third party validation which would be necessary to ensure that assets have been kept secure and properly backed. Therefore, the most effective strategy at present remains to learn proper self custody practices and avoid using any third party custodial platforms whenever possible.
For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.
Platform Prevention Policies
Policies for platforms to take to prevent this situation have not yet been selected in this case.
Work with other industry platforms to set up a multi-signature wallet with private keys held separately by delegate signatories from seven prominent platforms and services within the industry. Establish requirements for contributions by all platforms and services, designed to be affordable for small platforms yet large enough to cover anticipated breach events. Any breach event can be brought forth by a member platform or a petition of 100 signatures for consideration by the delegate signatories. A vote of 4 or more delegate signatures is required to release any funds, which could partially or fully restore lost funds based on their assessment.
For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.
Regulatory Prevention Policies
No specific regulatory policies have yet been identified in this case.
Set up a multi-signature wallet with private keys held separately by delegate signatories from seven prominent platforms and services within the industry. Establish requirements for contributions by all platforms and services within the country, designed to be affordable for small platforms yet large enough to cover anticipated breach events. Any breach event can be brought forth by a member platform or a petition of 100 signatures for consideration by the delegate signatories. A vote of 4 or more delegate signatures is required to release any funds, which could partially or fully restore lost funds based on their assessment.
For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.
References
- ↑ https://cointelegraph.com/news/gatecoin-launches-bitcoin-exchange-with-segregated-bank-accounts
- ↑ https://gatecoin.com/
- ↑ https://www.bloomberg.com/news/articles/2019-03-03/why-crypto-companies-still-can-t-open-checking-accounts
- ↑ https://www.reddit.com/r/gatecoin/comments/b0pe1i/gatecoin_liquidated/
- ↑ https://www.coindesk.com/markets/2016/05/13/digital-currency-exchange-gatecoin-offline-after-loss-of-funds/
- ↑ https://twitter.com/Gatecoin/status/732136409650208768
- ↑ https://np.reddit.com/r/ethereum/comments/4oxog1/gatecoins_hacked_ether_addresses_are_known_do_we/
- ↑ 8.0 8.1 8.2 8.3 8.4 8.5 8.6 8.7 Liquidators put the final nail in Gatecoin’s coffin - TheNextWeb (Feb 3, 2020)
- ↑ 9.00 9.01 9.02 9.03 9.04 9.05 9.06 9.07 9.08 9.09 9.10 9.11 9.12 9.13 9.14 OFFICIAL STATEMENT REGARDING GATECOIN HOT WALLET BREACH - Reddit (Accessed Apr 2, 2024)
- ↑ 10.0 10.1 10.2 10.3 10.4 10.5 10.6 Gatecoin Claims $2 Million in Bitcoins and Ethers Lost in Security Breach - CoinDesk
- ↑ 11.0 11.1 11.2 11.3 11.4 100 Crypto Thefts: A Timeline of Hacks, Glitches, Exit Scams, and other Lost Cryptocurrency Incidents - Kyle Gibson (Jan 25, 2020)
- ↑ 12.0 12.1 12.2 12.3 12.4 12.5 12.6 Banks Shun Bitcoin In Hong Kong, Businesses Seek Foreign Help - CoinTelegraph (Accessed Apr 8, 2024)
- ↑ 13.0 13.1 13.2 13.3 13.4 Hong Kong’s bitcoin businesses suffer after local bank accounts frozen - SCMP (Accessed Apr 8, 2024)
- ↑ 14.0 14.1 14.2 14.3 14.4 14.5 14.6 Previously Hacked Gatecoin Exchange Receives Liquidation Order Following Banking Problems - CoinTelegraph (Feb 3, 2020)
- ↑ 15.0 15.1 15.2 15.3 15.4 15.5 15.6 15.7 Gatecoin Crypto Exchange to Shut Down on Court’s Orders - CoinDesk (Feb 3, 2020)
- ↑ Bitcoin Scams and Cryptocurrency Hacks List - BitcoinExchangeGuide.com (Mar 5, 2020)
- ↑ SlowMist Hacked - SlowMist Zone (Jun 26, 2021)