Sophisticated Hack Leads to $64 Million in Stolen Bitcoin

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Photograph: Dado Ruvic/Reuters

Another high-profile Bitcoin hack broke in today’s news when Slovenia-based NiceHash bitcoin mining marketplace reported their system had been compromised.

Their operations suspended on Thursday while the company investigates the source of the hack. At the time of this writing, NiceHash is publicly reporting that approximately 4,700 in bitcoin were stolen in the compromise which has a current market value of about $64 million US dollars.

Customers had been reporting issues with the site over the last several days, and have been posting complaints on the company’s social media presence. It appears now these reports of site issues were as a result of the hack in-progress.

These issues couldn’t come at a worse time for the bitcoin mining site as the price of Bitcoin has continued its meteoric rise through $16,000 US. Bitcoin, while still panned by many in traditional markets, has skyrocketed more than 1500% in 2017.

While definitely another unfortunate piece of news for digital currency users, this pales in comparison to 2014’s failure of digital currency exchange Mt Gox where 850,000 bitcoins were lost to a potential hack. These continuing occasional troubles with the digital currency market underscore the absolute necessity for top-notch online security for both the digital currency industry as well as individual currency owners.

Digital currency mining markets link up people looking to sell processing time on their personal computers for blockchain use in exchange for bitcoin.

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