Bitcoin Mining Pool BTC.com Suffers Cyber Attack, $700K Stolen

The attack is just another reminder of how vulnerable prominent crypto companies can be. 

Cybercrimes are increasing both in numbers and sophistication. The latest to find itself on the receiving end was the Bitcoin mining pool, BTC.com, which announced suffering a cyber attack on December 3rd.
The perpetrators siphoned certain digital assets worth $700,000 owned by BTC.com’s clients and nearly $2.3 million in asset value owned by its parent firm, BIT Mining Limited.

• According to the official press release, the incident was reported to the Shenzhen law enforcement authorities in China. Some of BTC.com’s stolen assets have already been recovered.
• The authorities launched an investigation last week that kicked off with collecting evidence and have requested further assistance from BIT Mining and coordination with relevant agencies.

“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.”

• Specific details regarding the attack vector have not been revealed yet.
• Cybercrimes in the crypto space may take many forms, including schemes that promise quick riches, fake airdrops, giveaways on social media, impersonation of genuine cryptocurrency exchanges and platforms, as well as other fraudulent activities that use digital assets as a lure.
• Hackers targeted the cross-chain bridge BSC Token Hub – blockchain associated with Binance in October this year, making away with $570 million.
• More recently, DeFi protocol Defrost Finance was drained for $12 million, an attack that many suspected to be a rug pull.
• BitKeep wallet was exploited for the second time this year. The latest attack saw fraudsters steal $8 million in Binance Coin, Ether, Tether, and DAI.