Gatecoin Scrambles to Recover After $2 Million Cryptoasset Theft

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In what’s been a pivotal past few weeks for those following the growth of The DAO’s token sale and the rise of the price and market cap of ETH, hackers have struck at what seems like the worst possible time for Hong Kong based crypto-asset exchange, Gatecoin. According to a statement released by the team at Gatecoin on the front page of their website, the entire Gatecoin exchange operations will be shut down until at least May 28th for investigation, re-building and inspection of the system.

According to initial investigations into the incident by cyber security firm Tehtri Security, the breach began on May 9 and lasted until May 12. Gatecoin became aware of suspicious transactions happening on their system on May 13. At the beginning of the same week, there had been a server reboot which caused some downtime on the front end of Gatecoin for a few hours. All transactions both in and out of Gatecoin were immediately halted when the suspicious activity was noticed and has been locked down since then.

Contrary to early reports, the damage done was significant, as Gatecoin had initially told customers that only a small

Read more ... source: TheBitcoinNews

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