Subscribe for our daily recaps of the ever-changing Crypto-currency market.

Digital wallet NiceHash hacked around $60mln stolen

Digital wallet NiceHash hacked around $60mln stolen

NiceHash mining market was hacked yesterday and the unknown amount of coins stolen according to a company announcement posted on social media and now on its website.

Although the company has not reported the number of coins stolen, users have to circulate a wallet address suggesting that 4,736.42 BTC worth more than $62 million was stolen from company’s hot wallet. The link shows the balance chart for the address.

The company said its payment system was compromises. It has since stopping all operations in the next 24 hours pending investigation of the incident.

Also Read: Bitcoin crosses $14000 and getting closer to $15000

the announcement reads,

“We are fully committing to restoring the NiceHash service. Since with the highest security measures at the earliest opportunity”.

The company, which serves as a market for miners to sell and rent their hashing power to other people. However, experiencing some outages and some users announces that their wallets had been withering earlier on. On the market, people are able to rent equipment and so mine without necessarily buying expensive mining equipment.

However, the incident demonstrates how dangerous cloud mining can be.

The company also said it has reported the matter to and is working with relevant authorities and law enforcement with urgency. They have also advised users to change their online passwords.

Read Next: BitFlyer the Japanese Bitcoin exchange enters US market

 

Author

David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.