Cryptocurrency Miner NiceHash Hacked - $62 Million in Bitcoins Gone

$62 Million Gone? Cryptocurrency Mining Market NiceHash Hacked

Bitcoins stolen after cryptocurrency site NiceHash hacked

Though the team didn't disclose an exact amount, a wallet address circulated by NiceHash users suggest that as many as 4,736.42 BTC - an amount worth more than $62 million at current prices - has been stolen.

That led to NiceHash admitting via a release that "there has been a security breach involving NiceHash website". Given that Bitcoin is now trading at over $13,000, that put the value of this heist in excess of $62 million.

NiceHash is a service that allows users to register and rent or buy cryptocurrency mining/hashing power. The service expressed that a security break including the NiceHash site occurred, which brought about its payment framework being traded off and its Bitcoin wallet being emptied.

At the time of writing, Bitcoin is just $25 away from breaking the $15,000 milestone.

Another NiceHash user Philip Richardson tweeted: "If I don't get my btc back I will never use your service again". Despite the widespread notion that the blockchain technology behind bitcoin and other cryptocurrencies is safer and more trustworthy than that underlying other kinds of digital financial transactions, startups in the industry have struggled to secure their sites and software against hackers.

NiceHash would only go so far as to state that it is "working to verify the precise number of BTC taken". "In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency".

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The company did not respond to requests for comment.

NiceHash advised users to change online passwords, saying it was still trying to understand what had happened during the incident.

The cyber heist is yet another reminder about the vulnerability of some digital currency platforms.

The hack affected NiceHash's payment system, and the entire contents of the company's bitcoin wallet was stolen, the company said in a Facebook post Wednesday afternoon.

The year before, cyber thieves made off with about 19,000 bitcoins after breaking into European exchange Bitstamp.

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