GMC Hacked: 1 year retrospective
One year ago, we discovered our flaws, the hard way. Someone was able to withdraw almost 10.000 LTC from our hot wallet.
Panic and fear spread among the miners.
At that point we even considered closing the pool. Pay all the miners and simply shutdown and go away. It was the easy way out.
But we didn't. We believed in this project, we believed in our work and abilities. But more important, we believed in the GMC community (that's you, reading this).
We started a long process that in the end, as made us a better and more secure pool.
We did a complete review of our code. We implemented new policies regarding wallet management.
I'll spare the technical details but we can now say, that in the (unlikely) event that we are hacked again we can guarantee that all miners have their funds covered.
This means that the same attack to GMC today, would only allow them to steal less than 1% of the total amount of coins we have in "balance".
This is what allowed us to sleep again at night without worries.
It's your job now to keep your account secure. The password you use and the total amount of coins you keep on your account is your responsibility. You have the option to enable 2FA, so do it if you haven't yet! And please, set your automatic payment threshold. We are a mining pool, not a bank! :P
We are proud of what was achieved and we would like to thank our family, friends and the GMC community for their support and understanding.