Yiimp Hack Brings Problems For A Number Of Mining Pools

It has been some time since we last saw a significant issue in cryptocurrency mining pools. It’s not uncommon for one or more pools to have problems at some point. In that case, however, a couple of completely different pools were affected thanks to a problem with the mining soft. Many altcoins were suffering from this issue, along with Verge and VertCoin.

POOL HACK SHOWS HOW BIG IS THIS ISSUE

As of yet, it’s still unclear what precisely happened to the affected mining pools. YiiMP’s web page displays a message indicating that the open source mining pool soft has been hacked. It seems tons of altcoin mining pools trust this code for backends, though it’s unclear what is the number if pools could be directly impacted by this hack. Many pools have various related problems with mining pool software, thus it’s likely quite a few of platforms are going to be affected.

Among the pools having these problems are Zpool and HashRefinery. These firms now are undergoing maintenance with no ETA on when these platforms might restore the operation. .. It’s not great to watch multiple mining pools suffer from this kind of issue, though we’ve got no specific details relating to the precise reason for the hack itself. It does seem that the soft was compromised in such a manner that mining pool payouts were redirected to a special address.

Luckily, it seems HashRefinery won’t be suffering a lot from this issue. The Company has disabled stratum servers for the time being and has funds in cold wallets to cover any missing payouts. Cryptos won’t be sent to its hot waller anytime soon, though, because the team continues to investigate what’s happening precisely. Then require to make sure nobody will access the money once it’s transferred to the hot wallet. It is a wise call, though one that will cause some payout delays.

According to the YiiMP website, the hacking methodology used here is kind of upsetting. A large amount of money has been taken from numerous mining pools and addresses, and affected altcoins are Auroracoin, Vertcoin, and Verge. There is only one currency still safe – for the now, it seems – is Decred. It is still a preliminary report and not an entire list of what went down precisely. It’s likely dozens of alternative currencies is also suffering from this hack also.

This is one more demonstration of the cybercriminals potential to target the cryptocurrency world. Given net worth growing in both, Bitcoin and nearly all altcoins, it’s not entirely surprising that criminals would wish to get cryptocurrency for his or her own villainous needs. There are tons of cash going around in crypto at this time and mining pools might be a weak link in this chain.

Until we all know all the details, there’s no real purpose in speculating on how these problems were expedited at the 1st place. All that is known is that somebody took advantage of a loophole and used it to his or her advantage somehow. It’s unknown exactly what is the total value that has effectively been taken through this hack, because the full ramifications of this breach have still to be understood. It is a really hard development.

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