ibusinesslines.com August 16, 2018

Nicehash Hacked: $62 Million In Bitcoin Stolen

07 December 2017, 02:22 | Justin Tyler

Nicehash Hacked: $62 Million In Bitcoin Stolen

NiceHash website showing a maintenance message during security breach announcement

The hack illustrates a major problem with Bitcoin - while the network itself is seen as nearly unhackable, the exchanges that many people rely on to store their money are vulnerable.

The site said it was still working to figure out exactly how many bitcoins were 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".

NiceHash didn't immediately respond to a request for further comment about the hack.

The firm's statement on the website said, "Our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen".

In a statement published on social media, NiceHash, a crypto-mining marketplace, said hackers breached its site and stole all the Bitcoin from its main wallet.

Several reports from users noted that their Bitcoin wallets associated with NiceHash had been emptied. Although bitcoin owners are usually anonymous, the amounts stored in their wallets are publicly searchable online.

Hackers have plundered a digital currency exchange, stealing millions of pounds worth of customers' Bitcoin.

NiceHash is a digital currency marketplace that matches people looking to sell processing time on their computers for so called miners to verify bitcoin users' transactions in exchange for the bitcoin.

Another NiceHash user Philip Richardson tweeted: "If I don't get my btc back I will never use your service again".

NiceHash customers frequently move the cryptocurrency they earn on NiceHash off the service and into their own digital wallets or onto a bitcoin exchange.

It wasn't immediately clear whether funds had been taken from NiceHash users' accounts as well. Some NiceHash users reported on Reddit they lost their connection to the service while mining.

NiceHash is only the latest cryptocurrency company to suffer a major hack in recent months.

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