Hackers stole over $60 million in users’ funds from crypto mining service Nicehash

Written by Sajeel Syed ·  1 min read >
Death of Bitcoin

The crypto mining service Nicehash has been hacked, with over $60 million in users funds stolen, as reported by many users on Reddit.

Many users have reported that their funds have been transferred from their own internal Nicehash Bitcoin wallets to a single Bitcoin wallet controlled by an unknown party.

Recently, the Bank of America has been awarded a patent for exchange system of cryptocurrency, while this news of hacking has ruined the moment for investors, as the companies mining in cryptocurrency are mistrustful. According to reports, the hack has affected NiceHash’s payment system, and the entire contents of the company’s bitcoin wallet have been stolen. Later on, the mining company confirmed the news about the hack in a Facebook post.

“Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours. Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken.”

Although Nicehash has not confirmed the total amount of loss, yet some of the company’s customers estimated that around 4,736 Bitcoin worth over $63 million have been stolen, as of yesterday.

Nicehash is generally known for the mining of altcoins – the alternative currencies to Bitcoin such as Ethereum, Ripple. While the crypto mining firm also enables users to buy computer processing power from other NiceHash users. Meanwhile, other sneaky websites are using your CPU for crypto mining.

The hack Nicehash suffered is one of the major hacks on any site dealing in cryptocurrency in recent months. Besides the fact that blockchain technology behind Bitcoin and other cryptocurrencies is secure and trustworthy, the startups in the industry are still struggling to secure their websites from hackers.

Written by Sajeel Syed
I am a writer at TechJuice, overseeing IT, Telecom, Cryptocurrency, and other tech-related features here. When I'm not working, I spend some of my time with good old Xbox 360 and the rest in social activism. Follow me on Twitter: Profile