Bitcoin
Bitcoin Mining Pool Btc.com Suffers $3 Million Cyberattack
A major cryptocurrency mining pool was attacked by hackers in early March, according to the pool’s owner. The hackers stole digital assets worth $3 million from the pool and its clients.
Chinese Authorities Open Investigation into Crypto Mining Pool Hack
A subsidiary of Bit Mining, a coin minting company, was the victim in a hacking attack. The company released a press release. The affected entity is a leading bitcoin mining pool, Btc.com, which in the past week accounted for over 2.5% of the pool distribution and has a share exceeding 4% on annual basis.
According to the announcement published Monday, Dec. 26, the platform was hit on Dec. 3, 2022. As a result, $2.3 million worth of digital assets owned by the company and another $700,000 in asset value belonging to its clients were stolen.
The cyberattack has been reported to law enforcement in Shenzhen, China on Dec. 23. With the support of other agencies Bit Mining highlighted that the Chinese authorities are investigating the incident and collecting evidence.
The company will devote considerable efforts to recover the stolen digital assets.
The mining company stated that certain crypto assets of Btc.com were already secured. It pointed out that it had implemented technology to better intercept and block hackers after discovering the breach.
Btc.com is currently operating its business as usual, and apart from its digital asset services, its client fund services are unaffected.
Besides the top-10 mining pool, which provides mining services for bitcoin (BTC), ether (ETH), and litecoin (LTC), Bit Mining Limited also owns the mining device manufacturer Bee Computing and operates coin minting facilities.
Since the Chinese government cracked down on the industry in the spring of 2021, Bit Mining has sought to expand its activities in Kazakhstan, which has become a major crypto mining hotspot. In August of this year, the company announced it had secured a $9.3 million registered direct offering from institutional investors.
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Lubomir Tassev
Image Credits: Shutterstock, Pixabay, Wiki Commons
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Report: Trump administration wants USAID to adopt blockchain technology
USAID will change its name to the US Agency for International Humanitarian Assistance (IHA) By using blockchain technology, it will “radically increase security, transparency, and traceability” The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February The Trump administration reportedly wants its…
- USAID will change its name to the US Agency for International Humanitarian Assistance (IHA)
- By using blockchain technology, it will “radically increase security, transparency, and traceability”
- The revamp comes after Elon Musk’s Department of Government Efficiency (DOGE) cut USAID numbers from 10,000 to just under 300 in early February
The Trump administration reportedly wants its United States Agency for International Development (USAID) to “leverage blockchain technology” as it works on renaming the organization.
According to a report from WIRED, a government memo has been circulating among State Department officials detailing plans for USAID. In the 13-page document – first reported on by Politico – it states that as part of the revamp, USAID will change its name to US Agency for International Humanitarian Assistance (IHA).
The memo also suggests “leveraging blockchain technology” which will “radically increase security, transparency, and traceability.”
It adds: “This approach would encourage innovation and efficiency among implementing partners and allow for more flexible and responsive programming focused on tangible impact rather than simply completing activities and inputs.”
USAID staffers on leave
Since US President Donald Trump re-entered the White House, significant changes have been made to organizations in the US. One of which is USAID.
In early February, USAID staff were put on administrative leave “with the exception of designated personnel responsible for mission-critical functions,” according to a government notice.
Following the implementation of Elon Musk’s Department of Government Efficiency (DOGE), staff numbers at USAID have been cut from 10,000 to just under 300.
In a post on X in February, Musk wrote: “USAID is a criminal organization. Time for it to die.”
USAID is a criminal organization.
Time for it to die. https://t.co/sWYy6fyt1k
— Elon Musk (@elonmusk) February 2, 2025
Blockchain in humanitarian efforts
The use of blockchain in humanitarian efforts has been used before with many seeing the potential is can bring. In 2020, UNICEF invested around 135 Ethereum – about $30,000 at the time – into eight companies from seven developing countries to assist in developing prototypes and to scale their projects.
Financial services company AID:Tech turned to the payment rails of stablecoin issuer Circle to provide fraud-resistant disaster relief delivery in USDC in 2021. By doing so, they wanted to reduce inequality and increase opportunities by bringing accountability and transparency to the distribution of federal relief.
Realizing the benefits of blockchain technology, AID:Tech was the first company to use the technology to deliver international aid in 2015.
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