BIT Mining Subsidiary Was Hacked And Lost $3 Million In Assets

Key Points:

• BIT Mining Limited’s subsidiary, BTC.com, experienced a cyberattack on December 3, 2022.
• The Company reported this incident to law enforcement authorities in Shenzhen, China. Due to coordination locally and within the company internally, some of BTC.com’s digital assets have already been secured.
• In the wake of discovering this cyberattack, the company has implemented technology to better block and intercept hackers. BTC.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.

According to a December 26 announcement from the cryptocurrency mining company BIT Mining, its subsidiary BTC.com suffered a $3 million loss of digital assets as a result of a cyberattack on December 3.

$2.3 million of the stolen fund belonged to it, and $700,000 belonged to BTC.com’s customers. The company withheld information about the stolen assets.

The event was reported by the company to Chinese legal enforcement in Shenzhen. Some of BTC.com’s digital assets have already been secured thanks to local and internal coordination. On December 23, 2022, the authorities opened an inquiry, started gathering information, and asked pertinent entities for help and cooperation. The business will make significant attempts to recover the digital assets that were stolen.

After learning about this cyberattack, the business put technology in place to better stop and intercept hackers. With the exception of its services related to digital assets, BTC.com is now conducting business as normal.

One of the biggest cryptocurrency mining pools in the world, BTC.com, offers multicurrency mining services for several digital assets, such as Bitcoin and Litecoin. Under BIT Mining, BTC.com operates as a mining pool. The company has a crypto wallet division with more than 1 million users worldwide.

In addition to offering mining services, BTC.com runs a blockchain browser. A publicly traded corporation with an NYSE listing, whose parent entity is BIT Mining.

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 overall mining pool distribution for the last seven days. More than 5% of the overall hash rate is made up of its total contribution.

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