“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 which we will reimburse in full. Shortly after the intrusion was detected, our team was able to shut down the attack. 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,” wrote the Genesis Mining team.
Fortunately, the scale of the attack and the loss of client funds weren’t substantial and the company have been able to reimburse users, though payments have been slightly delayed. In the case of larger attacks on Bitcoin businesses such as Mt. Gox and CoinTrader, the amount of money lost caused the companies to become insolvent and cease operating.
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