Bitcoin mining pool BTC.com reported that it suffered a cyberattack that resulted in a significant loss of funds. The cryptocurrency company shared that the attack took place on December 3, in a statement on December 26.
Bitcoin mining pool was hacked earlier this month
The Bitcoin mining pool known as BTC.com shared that it suffered a cyber attack on December 3, 2022. During the incident, a large number of cryptocurrencies worth approximately $700,000 were seized in the hands of customers. Among the stolen funds is $2.3 million owned by the company. Thus, BTC.com confirms that it lost about 3 million dollars in the cyber attack that took place on December 3.
According to reports, BIT Mining and BTC.com reported the cyberattack to law enforcement in Shenzhen, China. Local authorities then began collecting evidence, launching an investigation into the incident. He also sought help from relevant institutions in China. The announcement states that local coordination has already helped BTC.com recover some of its funds internally.
“The company will go to great lengths to recover the stolen cryptocurrencies,” BIT Mining said. He added that it uses technology to “better block and block hackers.” Despite the attack, BTC.com continues to offer mining pool services to its customers. The company says the following about it:
BTC.com is currently running its business as usual and customer fund services are unaffected, apart from cryptocurrency services.
BTC.com, one of the largest cryptocurrency mining pools in the world, offers multi-currency mining services for various cryptocurrencies, including Bitcoin. Besides mining services, it also operates a Blockchain scanner. Its parent company, BIT Mining, is a publicly traded firm on the New York Stock Exchange.
BTC.com mining pool is the seventh largest mining pool worldwide. BTC.com’s all-time Bitcoin mining contribution accounts for more than 5% of the total BTC mining pools hash power.
BTC.com’s investigation of cyberattacks in China raises yet another crypto-related legal case for local authorities who chose to place a general ban on all crypto transactions last year. Despite the ban, China re-emerged as the second largest Bitcoin hashrate provider in January 2022 after briefly losing its global hashrate leadership in 2021.
How about the cryptocurrency mining industry?
This year has not been very successful for Bitcoin miners. Bitcoin mining businesses are in $4 billion in debt due to the bear market. Many leading mining businesses have declared bankruptcy in recent months, and others are rapidly reaching debt-to-equity ratios that will force them to urgently restructure unless they can find a way to reverse course. cryptocoin.comWe have included the bankruptcy of Core Scientific in this article.