$62 Million Gone? Cryptocurrency Mining Market NiceHash Hacked

$62 Million Gone? Cryptocurrency Mining Market NiceHash Hacked

While NiceHash originally claimed to be "under maintenance" during the outages, the company admitted that it had suffered a security breach involving the NiceHash website that resulted in loss of funds. Given that Bitcoin is now trading at over $13,000, that put the value of this heist in excess of $62 million.

"While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords", NiceHash warned users. NiceHash is a fantastic way for those who use just their personal computers or small mining farms to still get consistent payments by pooling together their hashing power.

Although the NiceHash team did not reveal any amounts that may be missing, users circulated a wallet address that indicated 4,736.42 bitcoins - worth more than $62 million - is missing.

NiceHash has temporarily ceased operations following a security breach in which a criminal gained unauthorized access to its Bitcoin wallet.

Almost $64m in bitcoin has been stolen by hackers who broke into Slovenian-based bitcoin mining marketplace NiceHash. "We are now investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours", the company wrote, in a press statement.

The firm announced the breach on social media as well as its website adding that it was investigating the nature of the breach and working to determine the exact amount of Bitcoin that was taken.


The news comes as Bitcoin set a new record for itself.

Most of NiceHash's users mine so-called altcoins - cryptocurrencies other than bitcoin - in exchange for their value in bitcoin.

Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days.

Bitcoin is the first, and the biggest, "cryptocurrency" - a decentralised tradable digital asset.

While the NiceHash operators seem honest with their statement, those words ring hollow for users that lost their accumulated BTC.

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