BIT Mining Limited Subsidiary Experiences Cyberattack

Rhea-AI Summary

BIT Mining Limited (NYSE: BTCM) announced that its subsidiary BTC.com suffered a cyberattack on December 3, 2022, resulting in the theft of digital assets worth approximately US$700,000 from clients and US$2.3 million from the company. Law enforcement in Shenzhen, China, has been notified, and an investigation is ongoing. The company has implemented new technologies to enhance security and ensure that its core business remains operational. Efforts to recover the stolen assets are underway.

Positive

• Law enforcement has initiated an investigation to recover stolen digital assets.
• The company has implemented enhanced security measures to prevent future cyberattacks.
• Core operations of BTC.com remain unaffected, ensuring continuity for clients.

Negative

• Significant assets were stolen, totaling approximately US$3 million, which could impact market confidence.
• The company may incur costs related to recovery efforts and security enhancements.

AKRON, Ohio, Dec. 26, 2022 /PRNewswire/ -- BIT Mining Limited (NYSE: BTCM) ("BIT Mining," "the Company," "we," "us," or "our company"), a leading technology-driven cryptocurrency mining company, today announced that the Company's subsidiary, BTC.com, experienced a cyberattack on December 3, 2022. In the cyberattack, certain digital assets were stolen, including approximately US$700,000 in asset value owned by BTC.com's clients, and approximately US$2.3 million in asset value owned by the Company.

The Company reported this incident to law enforcement authorities in Shenzhen, China. Due to coordination locally and within the Company internally, some of BTC.com's digital assets have already been secured. On December 23^rd, 2022, the authorities had launched an investigation, began collecting evidence, and had requested assistance from and coordination with relevant agencies. The Company will devote considerable efforts to recover the stolen digital assets.

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.

About BIT Mining Limited

BIT Mining (NYSE: BTCM) is a leading technology-driven cryptocurrency mining company, with a long-term strategy to create value across the cryptocurrency industry. Its business covers cryptocurrency mining, mining pool, data center operation and miner manufacturing. The Company owns the world's top blockchain browser BTC.com and the comprehensive mining pool business operated under BTC.com, providing multi-currency mining services including BTC, ETH and LTC. The Company also owns a 7-nanometer cryptocurrency mining machine manufacturer, Bee Computing, enabling the Company's self-efficiency through vertical integration with its supply chain.

Safe Harbor Statements

This news release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will", "expects", "anticipates", "future", "intends", "plans", "believes", "estimates", "target", "going forward", "outlook" and similar statements. Such statements are based upon management's current expectations and current market and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company's control, which may cause the Company's actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information regarding these and other risks, uncertainties or factors is included in the Company's filings with the U.S. Securities and Exchange Commission. The Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

For more information, please contact:

BIT Mining Limited
ir@btcm.group
ir.btcm.group
www.btcm.group

The Piacente Group, Inc.
Brandi Piacente
Tel: +1 (212) 481-2050
Email: BITMining@thepiacentegroup.com

View original content:https://www.prnewswire.com/news-releases/bit-mining-limited-subsidiary-experiences-cyberattack-301709947.html

SOURCE BIT Mining Limited

FAQ

What happened to BIT Mining Limited's subsidiary BTC.com on December 3, 2022?

On December 3, 2022, BTC.com experienced a cyberattack, resulting in the theft of digital assets valued at approximately US$3 million.

How much money was stolen in the BTC.com cyberattack?

Approximately US$700,000 was stolen from BTC.com's clients and around US$2.3 million from the company.

What steps is BIT Mining taking in response to the cyberattack?

BIT Mining is cooperating with law enforcement for asset recovery and has implemented new security measures to prevent future attacks.

Are BTC.com's services still operational after the cyberattack?

Yes, BTC.com has reported that its business operations continue as usual, with client fund services unaffected.

What is the stock symbol for BIT Mining Limited?

The stock symbol for BIT Mining Limited is BTCM.