Bitcoin mining pool faces $3 million theft in a cyberattack; states recovery attempts underway

• Bitcoin mining company BIT Mining’s subsidiary BTC.com is the seventh largest mining pool in the world.
• In the attack, BIT Mining lost about $2.3 million in asset value.
• Bitcoin price has resorted to consolidation over the last few trading sessions, changing hands at $16,830.

Bitcoin mining had been one of the most profitable businesses up until the recent crashes in the crypto market since Q2. Among them is BTC.com, the seventh-largest mining pool, which recently faced severe losses along with its parent company during a cyberattack on December 3.

Bitcoin mining pool compromised

Bitcoin miner BIT Mining Ltd. noted significant losses earlier this month when the company’s subsidiary BTC.com faced a cyberattack.

As reported by the company, the December 3 attack resulted in losses worth $3 million, where BIT Mining lost close to $2.3 million in asset value. On the other hand, the mining pool BTC.com’s clients lost close to $700,000 due to the theft of certain digital assets.

BIT Mining announced that the incident had been reported to law enforcement in Shenzen, China, and an investigation was underway. The company also announced that it would devote all its efforts to recovering the stolen digital assets.

At the same time, BIT Mining deployed better security measures stating,

“In the wake of discovering this cyberattack, the company has implemented technology to better block and intercept hackers. BTC.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.”

BTC.com, the seventh largest Bitcoin mining pool in the world, holds about 2.5% domination on a daily basis. It has contributed to 5.1% of all blocks produced in its lifetime, making it one of the biggest pools in the world.

Bitcoin price needs resuscitation 

Bitcoin price has been moving sideways for the last couple of days, invoking the need for bullish pressure from investors. As the year comes to a close, the king coin could mark a rise to $18,000, provided it can note some buying over the next couple of trading sessions.

Trading at $16,836 at the time of writing, Bitcoin price has been teetering right above its immediate support level at $16,775. If buyers take charge of the crypto market, BTC would note a rise toward $17,577, provided it can flip $17,095 into a support floor.

From there, a rise above $17,577 would set the king coin up for an increase toward $18,162, marking an 8% rally.

BTC/USD 4-hour chart

However, if the buyers fail and prices decline, the king coin could lose the support of $16,775, tagging $16,375.

Further bearishness would push Bitcoin price to $16,110. A daily candlestick close below would invalidate the bullish thesis, resulting in a drop to monthly lows of $15,655.

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