Bitcoin Mining Giant Suffers $3 Million Exploit

BTC.com, a blockchain browser and bitcoin mining pool disclosed a cyberattack earlier this month in which the perpetrators stole $3 million in client and business assets.

BTC.com, the seventh-largest BTC mining pool, disclosed that it had been exploited on December 3 and that thieves had stolen almost $700,000 in client assets and $2.3 million in business assets.

China’s Shenzhen law enforcement authorities received a notice of the event from BTC.com, and last week they started an inquiry. To solve the case, the law enforcement authority works in concert with the appropriate organizations.

Some of the assets taken by the BTC.com exploit have already been recovered, according to the press announcement. As it continues to provide its mining pool services, the mining pool adds that “client fund services are unaffected.”

An increasing number of sophisticated crypto hacks target BTC.com. The trend may continue, according to cyber security expert Adam Levin, as hackers employ “increasingly sophisticated software created by threat actors.”

The mining pool has implemented new technology to “better block and intercept hackers” in order to counter the growing sophistication of crypto attacks. The mining pool also plans to “devote considerable efforts to recover the stolen digital assets.”

Largest Japanese Power Company to Engage in Bitcoin Mining with Excess Electricity

In other related news, the largest electric utility in Japan, Tokyo Electric Power Company (TEPCO), has declared its plan to start trading in excess electricity for bitcoin.

TEPCO plans to set up bitcoin mining operations throughout Japan in different power plants that employ sources like wind, solar, or hydroelectricity due to the success of its equipment around the country. Regardless of the level of demand, each of these sources has the potential to be used for bitcoin mining.

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