Bitcoin Forum

NiceHash The Mining Service Got Hacked. What are your thoughts guys? Will bitcoin going to drop?

https://www.youtube.com/watch?v=UXE0UuVQgfI&feature=push-u&attr_tag=J6smuqM7Swgw769A-6

It's not going to affect the BTCUSD market. The price continues to push new all-time highs as we speak, hours after the news dropped. The losses are estimated at ~$60 million, which is paltry compared to the overall market.

However, I will say that NiceHash was the most reputable cloud mining service. I know a couple altcoin miners that regular rent hash rate from them, and I'm guessing they were affected by this. It will definitely send some shockwaves through altcoin and miner communities, and it will probably have some effect on POW altcoin hash rates.

I'm skeptical about the circumstances. It sounds like they kept their bitcoin holdings all online on a live server. That's violating security 101 for an operation as large as NiceHash. It starts to smell like an exit scam.... :-\

Definitely smells like an exit scam.

See, most of the time I think that anyone who gets "hacked" either had someone do something through an inside job or they were bad with their handling of their funds, resulting in the lots funds being stolen due to incompetence. It's a shame that they saw those losses but it's not like there will be much that can be done for them now.

Bitcoin shouldn't drop because, if it was going to, it likely would have already. Only if they get dumped will such a thing happen, but at the same time there is almost no chance that will happen since they'll move it piece by piece, slowly selling them off and taking the value. More than likely, anyways. Not sure what the mentality of the hacker, or thief, is.

I think so too.

Actually I think we will see a drop in bitcoin price when this news reach the mainstream media.

What just happened does not show the perks of a secure and safe currency.

Lol, all the btc were sent with very reasonable transaction fees too, not like the perpetrator(s) were rushing at all.

https://blockchain.info/address/1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq

Just the opposite, the price is just going up, i dont know why


We had more than three bad news about bitcoin today; first, bittrex scammed millions of people, steam stopped accepting bitcoin deposits, and now NiceHash lost more than 60 millions of dollars worth of bitcoin.

This is crazy, the price is $13,950 EACH BITCOIN, and it was less than $11,800 yesterday, this is crazy guys.
I dont know when it will stop going up.

Miners who are using nicehash are doomed. I really feel sorry for them. It could be happen again on any mining pools if it is an exit scam.

I think it shows more that companies that hold people's bitcoin need to ensure that they are taking the right security measures, it baffles me how a company of this size and good reputation was able to be hacked and lost 4,000 + bitcoin, something is amiss.

There are no technical reasons for BTC to drop. In the end, there are - 4,450 Bitcoins on the market, thus a higher demand. On the other hand, on long term such incidents do not create a welcoming climate, since the security is a key element in the evolution of Bitcoin.

Yeah, this is crazy. I have just read the news and it turned out Steam stopped accepting BTC bacause of high fees. And also Nicehash has been hacked... and the price still reaches new ATHs. Thats insane...

Indeed. On the top of that, South Korean exchanges continue to trade well above the rest of the market, with Bithumb, Coinone and Korbit reporting trades above $15,000  :o, according to CoinDesk.

I'm wondering what the new released app "Bitcoin Bubble Burst" (an alerts service that promises to scan social media and news reports about bitcoin and use neural networks to predict what changes in bitcoin value may result before those changes occur) says.   ;)

What this underscores, once again, is that no third-party service can be fully trusted, no matter how reputable. If you don't control your private keys, you don't have the bitcoin. It will be interesting to see how NiceHash will explain having that much money so accessible to hackers.

..And BTC is still climbing!

Problem is that people always look to increase their holdings, and for that reason will remain exposing themselves to high risks. Important factor is also that NiceHash mostly attracts people just having joined crypto land, and these people have no clue about what the risks are. I think it's safe to say that at least 50% of these people have invested in something that's mining related. YouTube has been a major driver for that with people claiming to make thoudands of dollars every month with their rigs or cloud mining contracts. As with everything, people mostly only learn when they are being hit in their wallet, and unfortunately, it happened on a massive scale in this case.

Wow, that's a big blow for mining.
The things I always hear from friends and family, is cryptocurrency safe. How can I trust it.

Can we see the current price of Bitcoin is still very high. I guess they (Hackers) are not too clumsy and still hold the Bitcoin they stole, while waiting for the price to go up. So this will not affect Bitcoin now. And this is very possible.

Hello sorry for your loss

http://accelerator.network/1816.html

have almost same kinda service as nicehash bot have their own datacenter so its safe to use and your fund is secure you can buy acc tokens from the homepage and use it for mining.

you can also maybe get discount the community managerin telegram talking about that.

can anyone link me to post about what happened to bitrexx today please? :)

"Perpetrators"

Here is the news without watching videos:
https://cointelegraph.com/news/mining-service-nicehash-hacked-60-million-in-user-funds-stolen


Really , what has the website to do with BTC stolen.
Did they have a hot wallet with all the funds inside, these days?

It might be legit news but every last "hack" smells of inside job there days.

That's really a terrible news for those who had leased hashing power on their GPU.It once again clearly shows that bitcoins should not be stored in any of the exchange wallets as it may get hacked at any time.With growing price of bitcoin,it being targeted by hackers is also increasing.

But still it has no impact on the bitcoin price and it continues to increase despite such shocking news.That shows actually how big the buy wall is.

If this news would effect the price it already would have. A lot of these cloud mining things are scams anyway

Why will btc dropped come on buddy we are not in 2015 or 2016 where hacking of bitfinex causes the price to fall by more than 40%. The amount lost is nothing even if they do sell it price might increase because of the bullish market.

Unfortunately the funds lost can't be returned only time will tell will nicehash compensate the loss.

Honestly it isn't if you observe nicehash simply allowed miners to share their power at the rate they want and interested users payed the appropriate price. Nicehash simply acted like a middleman.

It's nothing compared to bitfinex hacked last year which cause BTC120,000 lost in act, and here they are, keep in the business of global exchanges. After some hacked cases, it's weird for a big platform to keep big amount of bitcoin in hot wallet obviously, that's why people consider it as exit scam. They still trace this address and cooperate with law enforcement as well.
Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.
https://www.nicehash.com/

I guess the only good news is Im only out 5 days worth of mining revenue?  The climb in bitcoin certainly offsets that but, man, thats a kick in the teeth.

Ditto  :( All my mining work is gone too

Feels like this is an inside scam, this is just my assumption. This is becoming a "phenomenon" while Bitcoin reaching new highs many of the Bitcoin related websites getting hacked, is this normal? I don't think so, These people should know their responsibilities they are holding Bitcoin, a lot of Bitcoin which is not just a simple coin that deserves a poor security. This is really not acceptable.
Agreed. Many of us considering this event as an exit scam.

They must be a scammer unless they are not.