Cryptocurrency Mining Company NiceHash Suffers Major Hack

Technology > Security

 
 
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Cryptocurrency company  NiceHash was exposed to a major security breach, losing contents of its digital wallet which customers speculate as millions of dollars worth of bitcoin.

The company said in its Facebook post that the hack affected their bitcoin wallet and payment system. Although they did not mention the exact amount that was stolen, speculations from its customers came out, believing that it may roughly be around $63 million worth of bitcoin. These customers came up with the estimated amount by checking the total amount in a bitcoin wallet that was just recently created, which some company users believe to be owned by the hacker.

Cryptocurrency is known to be a digital asset that is created to be a medium of exchange and encourage secure transactions. NiceHash provides a cryptocurrency mining service, allowing clients offer up extra computer processing power normally used to create or mine for a new bitcoin or other chosen cyber currencies.

In its official press release, the company wrote: “We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity.” The company adds that they are encouraging the users to change their online passwords.

Despite the idea that blockchain technology behind cryptocurrencies and bitcoin is more trustworthy and safer compared to other digital financial transactions, the latest hack shows that some companies still struggle to secure its software and sites against hackers.