Genesis Mining, a leading provider of cryptocurrency and bitcoin cloud mining services has issued an update and shed light on the problems that have interrupted user payouts in the last few days. The Genesis team says they’ve been working to address every aspect of the problem to restore service, which you can read about now in more detail below.
Hacked
Genesis is reporting now that on the night of Friday, July 21st, they detected an unauthorized intrusion by an attacker. This attacker gained access to a hot wallet and was able to transfer funds which Genesis noted they will reimburse in full. The team did not say how much was stolen. Shortly after the intrusion was detected, the team was able to shut down the attack.
Genesis says they immediately took steps to mitigate the issue, including enhancing its monitoring and detection capabilities, and further hardening their security environment.
One of those increased security measures was to delay daily payouts.
Issue Mitigated
The Genesis team said they have found no evidence that sensitive end user information, including email addresses, were exposed by this incident. It is important to note that Genesis also does not collect, store or have access to customers’ credit card details. The company says they immediately engaged 3rd party cyber security advisory to investigate the attack and validate that the measures they took to address the issue were sufficient to ensure that the issue remains isolated and resolvable.
Marco Streng, CEO Genesis Mining stated:
“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. One of the advantages of the daily payout system is that it helps prevent actual losses, even in moments like these that cause delays.”
“The next payout is being scheduled, and all missing mining profits will be paid out to our users during the coming days. Genesis Mining will cover the full amount, and you will receive all of your payouts.”
“The mining profits will be released gradually with the usual daily payouts, so you will receive two payouts a day instead of the usual single payout per day until all missing payments are complete. We’re sorry for any delays in ticket responses, and I want to personally assure you that our Customer Service team will respond to each and every concern you have.”