Hi Steemit friends!
There's been a lot of buzz lately around Genesis Mining payouts that have been paused. People are panicking in regards to what is going on with their payouts. Rumours about Genesis Mining being a scam company have surfaced. I responded to a few threads about this as well. I noticed that many people who use Genesis Mining don't follow @GenesisMining on twitter. This is probably a good idea to do as there were updates that they released to the public as to what was going on. Probably would have eased some people's minds who have heavily invested in GM. Updates are screenshotted below for your reference.
Second update
Good news for all Genesis Mining users!
Payouts are back!
Please reference the below article from Genesis Mining as to what happened with the payouts.
http://blog.genesis-mining.com/genesis-mining-service-update
"UPDATE:
We’re happy to announce that we’ve been able to resume daily payouts (As of 26th of July). As promised, all missing payouts from the last week will be paid out during the coming days. "
Genesis Mining was hacked on July 21st. They had funds stolen from them by a hacker from one of their wallets. They immediately addressed the hacking issue and that was why the website was down and payouts stopped to prevent further breaches until everything was addressed. The hacked/stolen funds will be fully and ALL reimbursed by Genesis Mining as per their statement in the article. Payouts have resumed as of July 26th, 2017 (yesterday if you're reading this today on the 27th of July). You will be paid out double of your normal payouts daily until the full amount of the payouts that you have missed is made whole/reimbursed.
There's been a tremendous amount of hacks lately, and it probably isn't surprising that Genesis Mining is now also one of the victims. It is a bit alarming to say the leas, given that such a large company that is as well funded by the public can be hacked, makes you wonder how safe your crypto really can be even if it is in your possession. Possession is still controlled by 3rd party software/hardware unless you hold paper wallets. This is is another can of worms that I will go into at a later time.
Overall, I think that Genesis Mining did an alright job at handling the situation (assuming you followed them on Twitter). They addressed the breach immediately. Notified the public in a way that didn't entirely cause panic, but moreso confusion. They have promised to make all users of the platform whole and to pay everyone back in batches of double daily payouts until fully reimbursed.
Hopefully you found this helpful and if you'd like to get started in cloud mining or support me, you can use my referral link below. Let me know when you make an upgrade and i'll return the favor so you can receive free hashpower!
Genesis Mining (Use code below for 3% discount on all purchases)
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Steem on!
My GM news comes from Steemit posts like yours.
Thanks, and I appreciate the vote of confidence!
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