Hackers Steal $78 Million Worth of Bitcoin

Hackers were able to hack into NiceHash, a mining exchange, and drain out approximately $78 million dollars worth of Bitcoin. The NiceHash marketplace went into maintenance mode for a few hours which resulted in them going offline. Astute members knew that this was because of a breach of their systems. NiceHash reached out to their members by confirming their fears, and stating that their system has been compromised. As a result, NiceHash has frozen all of its operations until further notice, while they investigate the hack. The contents of NiceHash’s wallet has also been compromised which has led the users to worry about security issues surrounding using third party wallets to store their coins. NiceHash has estimated that about 4,736.42 Bitcoin has been stolen, which is the equivalent of a whopping $78 million dollars. They have also made a statement that “legal teams and authorities will be looking into this”. The NiceHash community was advised to change their account credentials, such as passwords and login information. Not only did the hackers have access to the funds, but they were also able to take members’ personal information.

NiceHash was established in 2014, and it is a mining platform for users to buy and sell hash-power in an online marketplace. It offers an easy way for users to become miners, without actually doing the work themselves and purchasing pricey miners. Nonetheless, these events lead us to believe that using cloud mining services is not as safe as manning the miners yourself.

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