Bitcoin mining pool BTC.com reports $3M cyberattack

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BTC.com, a significant cryptocurrency mining pool, was the victim of a cyberattack that caused a sizable loss of company and customer funds.

Attackers stole about $2.3 million in company assets in addition to about $700,000 in client assets on December 3. The official announcement was made on December 26 by BIT Mining Limited, the parent company of the mining pool.

The cyberattack was reported by BIT Mining and BTC.com to Chinese law enforcement officials in Shenzhen. The local authorities then started an investigation into the incident, gathering information and enlisting the aid of pertinent Chinese agencies. According to the announcement, the efforts have already assisted BTC.com in recovering some of the assets.

The company has deployed technology to “better block and intercept hackers,” BIT Mining said, adding that it “will devote considerable efforts to recover the stolen digital assets.”

Despite the incident, BTC.com is still providing its customers with mining pool services, according to the company:

Apart from its digital asset services, BTC.com is currently conducting business as usual. Client fund services are unaffected.

BTC.com, one of the world’s largest cryptocurrency mining pools, provides multicurrency mining services for various digital assets, including Bitcoin $16,818 and Litecoin $70.16 . Apart from mining services, BTC.com also operates a blockchain browser. Its parent company, BIT Mining, is a publicly traded firm listed on the New York Stock Exchange.

According to data from BTC.com, the seventh-largest mining pool globally has a hash rate of 5.80 exahashes per second (EH/s), 2.5% of the total mining pool distribution over the last seven days. More than 5% of the total hash rate is made up of its total contribution.

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The investigation into the cyberattack on BTC.com brings yet another cryptocurrency-related legal case for China, which last year decided to impose an all-encompassing ban on all cryptocurrency operations. Despite the prohibition, China lost its top position and fell to second place in the provision of Bitcoin hash rates in 2021 before regaining it in January 2022.

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