Economy

$68M in bitcoin stolen in hack of NiceHash mining marketplace

$68M in bitcoin stolen in hack of NiceHash mining marketplace

Cryptocurrency mining marketplace NiceHash announced Wednesday that it suffered a security breach that resulted in a loss of as much as $62 million in Bitcoin. The company is now investigating the precise amount stolen, though estimates around the web put it north of $66 million Dollars worth of the popular cryptocurrency (at time of writing 1 BTC = ~$13970.50).

Site operators said they are still working to evaluate the total number of Bitcoin funds that were stolen, but users who had earnings stolen said Bitcoin funds were rerouted to a wallet address now storing 4,736.42 Bitcoin - over $62,6 million at today's Bitcoin price ($13,450).

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Image courtesy fdecomite via Flickr. Users mention that their wallets have been emptied and the bitcoins are now in a wallet that received 4736 bitcoins on Wednesday, currently, that entails a total value of 51 million euros, roughly 56 million Dollars. Also, purchasers of the Nicehash mining service may have lost the BTC that they paid into the service for alt coin hashing power. NiceHash says it will relaunch itself with improved security "at the earliest opportunity". "We will endeavour to update you at regular intervals". The company confirmed the hack today, but did not release totals. Users were warned to change passwords. The amounts mined are held in trust by NiceHash with the company naturally taking its own cut of the transaction with users then being able to transfer bitcoin or other cryptocurrencies earned via the service to their own wallets.

Bitcoin exchanges are often the target of cyberattacks and have been the victims of high-profile thefts in the past. "If you ran a service like this you wouldn't keep all your BTC on the web server or any live server". Did you have money in a Nicehash wallet or unpaid mining balance?


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