Scam of the Week – NiceHash Bitcoin Heist

December 8, 2017 11:19 am Paul Mullin

Hackers have made off with approximately 4,700 Bitcoin from a Slovenian based mining exchange.

The real value of that currently stands, at the time of writing, to be around $80m. However, the value of Bitcoin is extremely volatile. The theft comes at a time when the price of Bitcoin continues to be on the rise, which makes the lure of attacking these type of sites for hackers even more lucrative.

These types of attacks are becoming more and more common, with several large breaches and thefts hitting Bitcoin and similar type exchanges over the course of the past year.

According to the wire service, in total, about 980,000 bitcoins, worth about $15 billion in today’s prices, have been stolen from exchanges over the currency’s lifetime, the wire service estimates.

NiceHash is a Bitcoin mining service, they pair people with spare computing power with those willing to pay for it to mine for new Bitcoin.

They were attacked on Wednesday, when attackers accessed the company’s systems. It took them just over two hours to begin stealing the Bitcoin.

Despite the popularity of cryptocurrency, this year has seen constant security issues involving this type of currency and this is something the industry as a whole will need to address for the year ahead.