Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack

A major cryptocurrency mining pool has been hit by hackers earlier this month, the company who owns the pool revealed in an announcement. The incident resulted in the theft of digital assets belonging to the pool and its clients worth a combined total of $3 million. Chinese Authorities Launch Investigation Into Crypto Mining Pool Hack

A subsidiary of the coin minting company Bit Mining has been targeted in a hacking attack, the company said in a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.

According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.

The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. The Chinese authorities launched an investigation into the incident and are collecting evidence with the support of relevant agencies, Bit Mining detailed and further emphasized: The company will devote considerable efforts to recover the stolen digital assets.

The mining firm said that some of Btc.com’s crypto assets have already been secured. It also pointed out that after discovering the breach, it implemented technology designed to better block and intercept hackers, assuring: Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.

Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.

Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors. Tags in this story Bit Mining, Bitcoin mining, BTC.com, China, chinese, Crypto, crypto mining, Cryptocurrencies, Cryptocurrency, cyberattack, Hack, Hackers, hacking attack, mining, mining pool, pool, Theft

What are your thoughts on the hacking attack against the bitcoin mining pool Btc.com? Tell us in the comments section below. Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bitcoin Hashrate Slides as Texas Miners Curtail Hashpower to Bolster the Grid MINING | 2 days ago Russian Parliament Postpones Adoption of Crypto Mining Bill MINING | 4 days ago

Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMore Than $19 Billion in BTC, ETH, Stablecoins Left Exchanges Since the Onset of FTX’s Collapse Next article‘Oil Prices North of $200’ per Barrel — Investor Expects Oil to ‘Crush’ Every Investment in 2023 Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFollowing a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days

Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Iran to Increase Penalties for Unauthorized Cryptocurrency Mining