Crypto Mining Blog

The Hong Kong based crypto currency exchange Gatecoin has been hacked and had apparently lost a lot of Ethereum and some Bitcoins stollen by the hackers. The official announcement released by the exchange says that the breach of their system caused a los of 15% of their crypto-asset deposits. In total the breach resulted in the loss of 185000 ETH and 250 BTC, which is equivalent to $2 million USD according to Gatecoin. If you were using the exchange and had some funds in it you might be interested in the following announcement:

A bespoke platform designed to enable all Gatecoin clients to withdraw their remaining funds in BTC, DAO, DGD, REP, USD, EUR and HKD will be released on May 28, 2016. The exact date when withdrawals for clients’ ETH funds has yet to be confirmed.

All DGD, REP and DAO funds are secure and Gatecoin has funded the DAO contracts for DAO token holders. 5% of all BTC funds were compromised in the breach, but 95% remain stored in multi-sig cold wallets along with the remaining crypto-assets.

All fiat currency funds held in USD, EUR and HKD are secured in segregated client accounts and can be withdrawn by clients after May 28, 2016.

The Gatecoin team is currently working on raising additional funding to cover the losses of BTC and ETH and hopes to be able to reimburse all customers that have experienced losses as soon as possible.

– Visit the official Gatecoin exchange website for the full announcement regarding the situation…