BIT Mining subsidiary loses $3M to cyberattack

Crypto mining firm BIT Mining said its subsidiary BTC.com lost $3 million worth of digital assets to a cyberattack on Dec. 3, according to a Dec. 26 statement.

BIT Mining wrote that $700,000 of the stolen funds belonged to BTC.com’s clients while the remaining $2.3 million belonged to it. The company did not disclose the details of the stolen assets.

The Bitcoin (BTC) mining firm reported the incident to law enforcement agencies in Shenzhen, China. It added that the authorities launched an investigation on Dec. 23 and that it is cooperating with the relevant agencies to recover the stolen assets.

BIT Mining said it had implemented necessary precautions to forestall a recurrence. It added:

“BTC.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.”

BTC.com is a mining pool business under BIT Mining. The firm has a crypto wallet arm with over 1 million users globally.

Through its website, BTC.com also provides real-time on-chain information about Bitcoin and other digital assets like Ethereum, etc.

Journalist at CryptoSlate

Oluwapelumi is a believer in the transformative power Bitcoin and the blockchain industry holds.