Genesis Cloud Mining Hacked: Payouts Being Withheld Indefinitely

thebeachedwhale (55)in #cryptocurrency • 7 years ago (edited)

After several days of missing payouts, customers began to wonder what had happened the massive Shanghai based cloud mining firm, Genesis Mining Services.

Today, Genesis has released a statement on their website about the expected delayed daily coin payments, and how they plan to handle the hack that has drained their accounts:

On the night of Friday July 21st, we detected an unauthorized intrusion by an attacker. This attacker gained access to a hot wallet and was able to transfer funds

We immediately took steps to mitigate the issue, including enhancing our monitoring and detection capabilities, and further hardening our environment. One of those increased security measures was to delay our daily payouts.

It is clear from the statement they intend to continue to fulfill their mining contracts:

We want to assure you that our 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.

A rapid repayment schedule will take effect when Genesis is ready to resume operations:

[Users] will receive two payouts a day instead of the usual single payout per day, until all missing payments are complete

The report does not disclose the amount of funds missing, however, at this time it appears to be minor

The daily payout system helps prevent actual losses, even in moments like these that cause delays.

Updates will continue to follow as this story develops.

Have you been affected by the hack at Genesis mining?
Do you believe they are handling the matter correctly?
Post your reply in the comments below.

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