Genesis Mining hacked and funds stolen

Cloud mining service Genesis Mining reports the theft of funds
27 July 2017   2762

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.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   101

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.