The Prague-based Bitcoin ATM producer General Bytes has announced plans to compensate customers affected by the recent zero-day hack. On March 23, bad players compromised the General Byte system draining all the assets from the hot wallets.
The attack exposed the General Bytes customer to substantial losses. The Bitcoin ATM manufacturing company has taken corrective action to refund the affected customers.
General Bytes Compensation Procedure
The March 23 exploit was launched on a Java application to breach the General Bytes security protocols. Reportedly, the bad actors accessed user hot wallets to commit cyber-related crimes.
The company observed that the zero-day hack accessed the user’s confidential data, including usernames, private keys, and passwords. The unexpected system attack compelled the General Bytes technical team to collaborate with security firms and the forensic department to assess the damages caused by the unscrupulous players.
After probing the matter, the General Bytes team reviewed their security measures to safeguard the user from exploits. Also, the team amended the security protocols to prevent the recurrence of hacking activities.
The Bitcoin manufacturing company has gained popularity in the installation of Bitcoin ATMs. The company has installed more than 150000 ATMs across the globe. The desire to remain competitive edge has challenged the company to engage the stakeholder to develop an innovative solution concerning the hack.
Following a prolonged internal dialogue, the General Bytes team has agreed to refund the customers the amount they lost from the hack. The company plans to implement adequate security measures requiring the digital service operators to install a self-owned server equipped with VPN that will improve the network encryption features.
General Bytes Reveals Next Plan
Besides the security measures, the General Bytes team has plans to recruit new talents in the human resource department. The new team will work closely with the technical and support departments to assist the customer in complying with the company’s security requirements.
The team will support the customers to shift to the new server more effortlessly.The investigators’ findings prompted the company to adopt self-hosted servers since the VPN feature prevented the attacks from hosting their infected malware on the system.
A previous report from the General Bytes team urged customers to be cautious when transacting in the digital space. The March 18 report stated that the company would prioritize improving its security measures and privacy features.