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Where Do BTC Customer Funds Go?

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$700,000 in customer funds and $2.3 million in company funds were stolen. BTC offers users access to many cryptocurrencies, such as Bitcoin and Litecoin.

Cybercriminals have managed to steal a large sum of money from the Bitcoin cryptocurrency mining pool. About $700,000 in customer funds and $2.3 million in company funds were stolen in the Dec. 3. BIT Mining Limited, the parent company of the pool, said this on December 26.

BIT Mining and BTC.com reported the hack to Shenzhen, China authorities. In response, local authorities opened an investigation into the incident. Evidence was collected and the Chinese authorities were contacted for assistance. According to the statement, the measures have helped BTC.com recover some of the money.

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Service is Not Affected After Hacking

BIT Mining said, “The company will put a lot of effort into recovering the stolen digital assets,” and added that it has implemented technology to “restrain and prevent hackers.” BTC.com said it will continue to offer pool services to its customers despite the incident.

As one of the largest cryptocurrency mining pools, BTC.com offers users access to a wide range of cryptocurrencies, such as Bitcoin and Litecoin. BTC.com not only offers mining services, but also a blockchain browser. BIT Mining is owned by a publicly traded company called BIT, which is listed on the New York Stock Exchange.

According to statistics from BTC.com, the mining pool has a hash rate of 5.80 exahashes per second (EH/s), making it the seventh largest in the world. The mining pool accounted for 2.5% of the pool’s global distribution over the past seven days. To date, it has provided more than 5% of the global hash rate.

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