$62 Million In Bitcoin Stolen After the Hacking of Nicehash

$62 Million In Bitcoin Stolen After the Hacking of Nicehash

The cryptocurrency mining platform NiceHash has been hacked resulting in a loss of up to $62 million worth of bitcoins.

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The cryptocurrency mining platform NiceHash has been hacked resulting in a loss of up to $62 million worth of bitcoins.

This announcement was made by the NiceHash team after a mysterious hours-long service outage for the better part of Wednesday. The service went offline for several hours claiming to be undergoing maintenance. Posting on NiceHash social media channels, the NiceHash team confirmed the speculations among the users that indeed the outage was as a result of a security breach.

The NiceHash team added that they had launched investigations into the incident and that they had put to a halt all operations for the next 24 hours.

The hackers compromised the service’s payment system and got away with the contents of the NiceHash Bitcoin wallet. The NiceHash team said that they were making efforts to confirm the actual number of BTC stolen.

While the service did not place an amount on exactly how much was stolen, a Bitcoin wallet address spread around by NiceHash users indicate that the hackers got away with as many as 4,736.42 BTC, an amount worth more than $62 million at current prices. In the meantime, the company has launched their own investigations. The incident has also been reported to the relevant authorities and law enforcement agencies. NiceHash promised to resolve the matter as soon as possible.

The NiceHash team urged users to change their online passwords as part of the measures to avoid subsequent breach and theft.
Since it was founded in 2014, NiceHash is a leading mining platform that matches people with spare computing power with the ones looking to mine cryptocurrencies. This marketplace enables users to benefit from bitcoin mining without having to purchase or operate the equipment themselves. However, such incidents of hacking suggest that cloud mining services are prone to many risks.
This wouldn’t be the first time cloud mining customers are losing their money in cryptocurrency. A while back, Gaw Miners carried out a Ponzi scheme disguised as a cloud mining service and PayCoin. Josh Garza,  who was Gaw Miners CEO has since been indicted for taking part in the scam.

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