Last week, one of the leading cryptocurrency cloudmining service provider Genesis Mining experienced a security breach. Following the attack, users faced a brief disruption in payouts, which according to the company stands resolved.
The details about the security breach were announced Genesis Mining in its recent blog post. According to the post, the platform witnessed an unauthorized intrusion on July 21, 2017, where the hacker gained access to the hot wallet. The attacker is said to have made away with an undisclosed amount that was stored in the wallet.
In the blog post, Genesis Mining states that team was able to shut down the attack soon after detection and started taking steps to mitigate the issue. It goes on to say that the daily payouts were delayed as part of the security measure.
The company has assured users that none of the sensitive end-user information was compromised during the attack. The platform has since then engaged a third-party cyber security advisory to head the investigation into the attack and validate the resulting steps taken by the company to address the issue.
The security breach had no impact on the mining operations, which is said to be running normally. The company’s policy to issue daily payouts is said to have helped minimize the losses, as the amount of accumulated funds would have been much higher otherwise.
Genesis Mining resumed issuing payouts from July 26, 2017, and the platform intends to fulfill all the missed payouts in the coming days. Users stand to receive two payouts a day instead of one until all pending transactions are fulfilled.
Following the attack, the Genesis Mining website was found inaccessible on multiple occasions, where people encountered a message saying “Genesis-mining.com is currently in maintenance mode. Please come back later. Thank you for your patience.”
The platform has announced that it will be compensating the users for the funds lost during the attack. Once the platform fulfills the backlogs, all operations are expected to return to normalcy.
Ref: Genesis Mining Blog | Image: NewsBTC
