lost cryptocurrency worth $3 million in cyberattack

The seventh largest Bitcoin mining pool reported loss of $3 million in a cyberattack affecting customer funds.

Established in 2015, is one of the world’s leading blockchain and Bitcoin mining pool business operating under the name BIT Mining Group. The cryptocurrency mining pool operates with 2.66% of the network’s total hashrate.

In a press release, the firm stated the loss of $700,000 worth of cryptocurrency associated with customer funds and $2.3 million in digital assets owned by the company.

The attack was first detected on Dec3. Soon after the incident was reported to Chinese law enforcement authorities in Shenzen. Further on Dec23, the governing authority launched an investigation, collecting evidence pertaining to the attack.

The mining pool it serves accounts for 2.5% of the total mining pool distribution as per the record obtained after analysing data from the last 7 days. further assured its customers that it has taken steps to prevent such events from occurring in future and is actively following up with the authority to help them track the culprits behind the cyberattack.

At the time of writing, there has been no update on the matter. The attackers are still far from the reach of investigators. Meanwhile, Bitcoin price has nosedived to $16,500 showing no sign of recovery.

2022 will go down as the worst year for the crypto industry. Bitcoin and Ethereum are down by 70% and still declining in value. Top crypto projects like Celsius Network, Voyager Digital and FTX exchange have filed for bankruptcy.

The worst part is customers losing billions of dollars after their deposits are misused or frozen by these projects. Just when everything seems to be coming back to normal there’s another wave of misery.

All eyes are on 2023, hoping for better days for the crypto industry.

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