Bitcoin Forum

I think they want to perform BTC-e's trick by saying some coins and money lost forever. So offer us taking some percents of our balance and be satisfy! After that they will do their business by new brand.

I just read their post an hour ago on their facebook page https://www.facebook.com/NiceHash/posts/2012613285624474

A lot of coins has lost and I'm not comfortable with their statements. Before they are only saying that they are undergoing some maintenance and what's with that maintenance now?

They have been breached, why not they just admitted in the first place that their security is too weak for their hot wallet to cover. Their credibility is being at stake now and for sure this will damage their service if ever they want to continue again.

They have been hacked and lost huge amount of Bitcoins https://bitcointalk.org/index.php?topic=2537342.0  They messed up big time. All of investors are screwed up. They have weak security that why hacker stole funds from them. I don't think nicehash will be able to recover that huge amount. This is bad. They've been down for many hours now or even a day now. They said it will open soon. But i don't think they will be back. This is their exit. This is why i don't trust cloudmining. It's a shady business. 

Well... I woulnd't exactly call them a "cloudmining". You are basically selling your hash power (from your hardware) to them and not buying a mining contract. A business could keep going with this forever without having to exit scam, so they could be telling the truth. But obviously we can't say for sure that this wasn't an inside job.

I'm just glad that I decided to not play around with my GTX 1070 and mine with them.

there is no way they can recover from this. and i find their announcement very disturbing. if i am reading this correctly, they kept most or all of their BTC in a hot wallet. what kind of legitimate operation stores thousands of BTC on an online server in this day and age?

for that reason, it appears to be an exit scam. they are trying to appear incompetent to make off with millions of dollars and go live on an island somewhere. this is the classic exit scam formula we have come to recognize in this space.


i don't think it's the same as BTC-e. in that case, the US government immediately issued a press release about indicting BTC-e and arresting one of its alleged owners. i don't think BTC-e was an exit scam at all, and i was pleasantly surprised when they partially refunded customers. they've also refunded ~10% of the debt tokens they issued to cover the losses.

I agree that it looks kinda fishy to me. Coming from a group of people that have literally been re-writing mining software, which is no easy task, you would think that they would be competent enough to have good security.

Indeed, nicehash isn't cloud mining, even genesis as cloud mining better than them at this point.
BTC4450 is a big amount for a mining service but the most important how they will recover the funds as customers won't cooperate with them anymore anytime soon.
Unless, they have huge amount of bunch altcoins such as eth, xmr or dash to cover all the lost fund as most of their activities are mining altcoins.

That is spot on, mate. Which legitimate bitcoin company that has apparently so long of experience with large sums of bitcoins and hashing power would leave their customer's funds exposed in a hot wallet? Where is the security that every single one of these hacked companies have promised? Don't they know how to diversify their storage methods, having multiple hot/warm/cold wallets to protect funds?

These are all question marks to be addressed, and we have not yet received anything from them officially.

But this seems like a setup for an exit scam to me.

It could be possible, nobody can tell for sure.

But then they can also be legitimately hacked and are now trying to figure out what is the best option to recover customers funds. We can't tell for sure at the moment as i've said, just wait for further announcements at this point.

They should definitely be compensating their investors fully in my opinion. Obviously their fault for not securing funds properly using the correct protocols.

I was nearly convince to jump over to their pool and will start selling my hash and ready to buy for some gtx 1070 but this happened. They could be telling the truth and they could lie too, it all depends and it can be an exit for them too. When things are happening like this it's hard to assume that they were hacked or something but they will start again.

Definite exit scam. Come on, BTC4450 in a hot wallet?  :o
That surely is enough proof, if proof be needed, for anyone!
 

If they had to, they would have scammed earlier, their daily payout is almost 1100 btc, so I hope they will be back.

I would never call them "scam", it's excellent service that generate good profit to them, there's no motive for NiceHash to scam.

Yes, they have been in the market since 2014, they can't just scam now.

It don't think it's an "exist scam", they've been around for a very long time (not that that guarantees anything, but still). I do think there's a very high chance that this is an inside job and unfortunately I don't see how they're bouncing back from this.

Guys forget the scammers and come here

www.miningrigrentals.com

Just a thought, is it all given a name of the scam and the ideally it would be the huge rise in the btc prices that is making them do this as they have a huge number of btc in the total customers wallet if added together. This already makes them a billionaire if they have those btc. Yes this is just a situation which could not be real or it can be a real a well.

Truth or not then its not surprising thing for me which I do really expect that these kind of scenarios do really happen specially when bitcoins price reaching out new heights which there would really be arising hacking issues either on mining sites or any investment. Don't know if its real or just an alibi to cover up the inside job.I agree on the thing that they will possibly do such thing on making an exit scam knowing the number of bitcoin they were holding will really make them hella rich.

That's exactly how exit scams work though. You stick around for a while to build up trust, and then you pull the exit scam. That's why it's called an exit scam.

I believe it is an exit scam too. Don't you find it strange that this happened just when the price hit an all time high. Exit scams have something in common, they all wait for the perfect moment and the all time price of bitcoin was the perfect moment for them. Even if they come back users re trusting them are just stupid.

I believe it's an exit scam as well, but in current times where the price is higher than ever before, hackers and idiots spreading malware are as well in the highest ever active numbers. It's in their advantage to use it as an excuse to mislead authorities investigating this case. If they get away with it, nothing stops them from launching another service where they again end up running away with millions in user funds. It may very well be that this isn't their first exit scam. If they manage to successfully do it once, they will do it another time as well -- the hunger for more is always there, especially if it's so easy to do.

According to their video chat, they ll be back soon. They want to repay us our money just do not know how or when. Buauauaua, what a BS.

Don't hope for it, I doubt that they'll pay their thousands of users that has remaining balance on their wallets. That's a lot, they can't even talk properly on that video chat and their faces is full of mourn.

They are just giving some words of encouragement but if you are hoping for your balance to be returned better be not so that you can accept it easily.

But still it's possible that they'll be giving the favor to their users or else they'll lose a lot though they are giving one of the best service but still too bad this happened.

Just hope they do but do expect the worst... I have not seen these type of companies come back from the dead honestly. If they do it is truly a miracle. And even if they have good intentions to begin with and they have indeed gotten hacked, think about it, who would trust them after these events? probably nobody. And to pay off their debts they need some source of income ,nad if nobody trusts them, how are they going to do it?

Either way, it's a huge messup, either intentionally or unintentially.

I would consider whatever i have on that site gone for good.

Agreed, surely this would go in 2 ways, its true they were hacked by other people or an inside job. Right now the only thing they are releasing is their apology but let us just wait for some time if they would ever release the truth about that incident. Also this would make a bad impact on bitcoin. Some new traders would say it cannot be hacked but why is that? These are some of the things that some countries dont trust bitcoin and banning it in their own place.

It's impossible. They have no way to earn revenue; they have lost all trust. This isn't like BTC-e, where the owners kept the crypto secure and paid out partial refunds fairly quickly. It's expected that --- very occasionally --- a hot wallet might be hacked. Exchanges/services have targets on their back and are constantly being attacked. But Nicehash supposedly kept all their holdings online? I don't believe that for one moment.


It seems doubtful that they were hacked. Such an obvious security lapse is an easy cop-out in an era where beginners are now buying Trezors. They are just putting on a show before they quietly disappear forever. It's a scam. They saw bitcoin going to the moon and probably got greedy.

They will repay noone but when they re back people will still mine with them. It s a perfect crime, you steal what $50-100 per person, nobody s going to hunt you down over that and then come back. That s why this was probably inside job in the first place.

I can bet if they come back withing 48 hours, people will continue using them just because there s nothing else simple enough for people to use.