Between May 9-12, 2016, Hong Kong-based Gatecoin suffered a breach where attackers exploited a server reboot disruption to reroute deposits from cold multi-signature wallets to a vulnerable hot wallet. Approximately 250 BTC and 185,000 ETH (~$2M) were stolen, representing 15% of exchange assets.

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. Gatecoin has claimed that it lost as much as 185,000 ethers and 250 bitcoins, an amount worth roughly $2.14m at press time.