Popular Miner BTC.com Hacked
It turns out that hackers are not willing to say goodbye to 2022 without leaving an impact.
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Since last week, they have accelerated their hacking activities. There is hardly a day ever since in which a hack attack hasn’t been reported.
First was Defrost, then BitKeep, and now Btc.com, a prominent Bitcoin mining pool, has been the latest victim of a hack attack.
At least decentralized finance projects can take a sigh of relief that the latest victim was not a DeFi protocol. Otherwise, the DeFi sector was the major target of crypto hackers throughout this year.
DeFi protocols lost more than $4.6 Billion and the worst month of the year was October which saw most of the attacks.
When Bitkeep has hacked three days ago, it was thought that it might be the last hack attack. It turned out that Bitkeep’s wasn’t the last and one cannot say with certainty whether Btc.com’s attack would be the last.
Estimated Loss of Over $3 Million
Bit Mining is a leading Bitcoin miner in the industry and Btc.com is one of the miner’s subsidiaries involved in minting Bitcoins.
It was hence revealed and confirmed by Bit Mining itself on 26th December that its subsidiary i.e. Btc.com came under cyber-attack.
In the announcement, it was informed further that a total loss of $3 Million was incurred by Btc.com.
Out of the $3 Million loss, approximately $2.3 Million worth of stolen assets belonged to Btc.com. While rest of the stolen digital assets worth approximately $700,000 were owned by Btc.com’s business partners and clients.
Complaint Lodged With Authorities in Shenzhen, China
Soon after the incident, the victim registered a complaint with the authorities in the Province of China namely Shenzhen.
Upon receiving the complaint, the provincial law enforcement authorities authorized a thorough probe and investigation into the incident. Currently, the authorities have been in the process of collecting crucial evidence.
Hence, no official statement or press release has so far been made or published by the authorities in Shenzhen.
Meanwhile, Btc.com’s parent company stated that they have been made to face yet another challenge. However, the company shall act responsibly and do whatever it takes to bring back the funds stolen from the project.
Interim Measures Initiated
It was furthermore informed by Bit Mining that after the hack attack, the company has taken interim measures.
For instance, unharmed funds have been safeguarded by employing the latest technology capable of stopping and intercepting sophisticated breaches and hack attempts.
Meanwhile, Bit Mining ensured that Btc.com’s operations would not be affected by the attack. Instead, the company will honor its commitment to the Bitcoin community by continuing its operations of mining Bitcoins.
Bit Mining’s Origin
Bit Mining and Btc.com are both Chinese-registered mining companies. Their business operations include, apart from Bitcoin, the minting of other popular coins such as Ethereum, Litecoin, etc.
However, the miners had to relocate their mining farms outside China because China cracked down on all crypto mining companies in the country.
Resultantly, the miners’ headquarter and farms were relocated to Kazakhstan in 2021. On the other hand, Kazakhstan is well-recognized amongst the mining community as an ideal ground for mining activities.
Since then, Bit Mining and Btc.com have been running their mining operations from Kazakhistan. The location is very promising for the mining industry because of its location and environment.
The temperatures there are very suitable for the mining centers as they provide natural cooling. The biggest problem with the mining centers is that they run on GPUs and other hardware.
This hardware has the tendency of generating a lot of heat and they tend to get heat up a lot themselves. This is where the Kazakh weather comes in making things quite favorable for the mining industry.
Only three days are left after which the year 2023 shall commence. Is Btc.com’s attack the last attack of the year?