Genesis Mining hacked and funds stolen

Cloud mining service Genesis Mining reports the theft of funds
27 July 2017   2101

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.

BlackRock to Consider Bitcoin Futures

World largest asset management firm created a workgroup to study the prospects of crypto-based futures
16 July 2018   65

Investment company BlackRock has formed a working group that should find out what benefits the world's largest asset manager can get from entering the cryptocurrency sector, despite the fact that previously its CEO had heavily criticized bitcoin. This is reported by Financial News.

The investment giant, whose assets amount to $ 6.3 trillion, created a team that included experts from various business areas. They must collect information about the cryptocurrencies, the underlying infrastructure and technology of the blockchain.

The working group, which includes investment strategist Terry Simpson, should find out whether BlackRock should invest in bitcoin futures.

Sources also reported that BlackRock is studying the experience of its competitors in this area and the potential impact of their actions on the company's business. The working group will report on the results of its research to senior management.

A spokeswoman for BlackRock reported that the company has been considering blockchain technology for several years, but declined to comment on the cryptocurrency.

The creation of a working group may mark a turning point in relations between BlackRock and cryptocurrencies. Last year, its head, Larry Fink, said that bitcoin is an extremely speculative tool, and the only reason for its popularity is its anonymity. "This is an instrument that is used for money laundering," he said bluntly.

Fink gave his comments even before the appearance of crypto-currency futures. At that time, he saw no opportunity for his company to enter this market.