Genesis Mining hacked and funds stolen

Cloud mining service Genesis Mining reports the theft of funds
27 July 2017   1369

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

One of the leading hashpower provider for Bitcoin and Altcoins, cloud mining service Genesis Mining, reports the theft of funds from the company's accounts due to an attack by unknown hackers.

The official statement notes that technical problems forced the company to suspend payments to their customers, however all the lost funds are to be reimbursed in full.


Distributed database that is used to maintain a continuously growing list of records, called blocks

As Marco Streng, CEO Genesis Mining, details, they detected an unauthorized intrusion by an attacker on the night of Friday, July 21st. This attacker gained access to a hot wallet and was able to transfer funds which we will reimburse in full. Shortly after the intrusion was detected, the team was able to shut down the attack. As reported, the company immediately took steps to mitigate the issue, including enhancing the monitoring and detection capabilities, and further hardening the environment. Thus, one of those increased security measures was to delay our daily payouts.

Genesis Mining immediately engaged 3rd party cyber security advisory to investigate the attack.

The company assures the clients that the mining operation was not affected and is running as normal.

Every single one of our customers will receive their missing payouts as soon as we’re sure about the safety and integrity of our payment system. One of the advantages of the daily payout system is that it helps prevent actual losses, even in moments like these that cause delays.

Marco Streng
CEO Genesis Mining

Genesis Mining will cover the full amount, and the clients will receive all of your payouts.

UCLA Blockchain Crypto Conference to be Held in LA

The UCLA Conference will be held on February 17-18 of 2018, gathering together the most experienced and exciting thinkers
17 February 2018   174

UCLA's Blockchain Lab and Far from LA are holding the Blockchain Cryptocurrency Conference, gathering together the most experienced and exciting thinkers across SoCal, in order to foster both economic and educational progress. The conference will concern cybersecurity, cryptocurrencies, and blockchain.

The UCLA Conference will be held on February 17-18 of 2018.

Location: The University of California, Humanities Building, 415 Portola Plaza, UCLA 90095, Los Angeles

The headline speakers will include Kathleen Breitman, the co-founder of Tezos; Sandra Ro from UWIN Lab; David Moss from EOS; Jeremy Rubin, the Bitcoin core developer, and many more.

The agenda of the conference is as follows: the future of blockchain keynote, bringing humanity to the blockchain, cybersecurity, autonomous vehicles, blockchain's influence on the development of art and culture, blockchain in the music industry, government adoption of blockchain around the world, and more.