Bitmain Involved In Lawsuit With Hacker For Over $5 Million

The renown bitcoin miner Bitmain is believed to have started a lawsuit against a hacker who has allegedly stolen coins worth over $5 million from them through the process of illegal mining. The lawsuit has been filed in Washington through the district court in the capital.

However, while it can be confirmed that a filing has been done, the hacker is yet unknown to the general public. This is even the same situation which is being faced in the courts as he has been given the name “John Doe” meaning that he remains unidentified. He is believed to have found a way to take over the account of Bitmain in the Binance segment. Using this control he has, he successfully manipulated the trading activities of Decentraland. He then took all the profits which were manifested by his manipulation. This manipulation led to great losses by the company as specified by Bitmain in the court’s document. According to this document, Bitmain lost over $5.5 million dollars in the form of digital currencies and other digital assets which they had. When this amount is converted to bitcoin, it translates into a loss of about 617 BTC. This theft happened at a time when the trading power of the bitcoin was over $8,000.

It was also revealed that the hacker in the process of completing his illegal activities managed to gain entry into the two of their accounts which exists in Binance. It should be noted that Binance is one of the biggest crypto exchanges right now in the world. They also managed to gain access to Bittrex and the combined amount of Decentraland that they were able to manipulate stood at about 2.3 million.

It is believed that this hacker placed orders with Bitmain in a bid to buy bitcoins. The problem was that the bid was placed using a price which was way ahead of the current market price that bitcoin was trading at. He then proceeded to do a triple buy in a bid to increase the price of Decentraland. This he did by buying bitcoin then using it to buy Ethereum which was this used to buy a significant amount of MANA.

The document went further to specify that further trading activities were carried out which ended in a significant amount of bitcoin being transferred from Bitmain accountto their main account.