Nicehash Returns 60% of Coins Stolen in the Hack

[sejem]

Nicehash, the cloud mining service that got hacked in December, has returned 60 percent of the stolen bitcoins, according to local media. After the cyberattack last year, the Slovenian company promised to fully reimburse its customers and has been doing it on a monthly basis. The police investigation into the case is still ongoing.   

Also read: Mt. Gox Creditors Can File Rehabilitation Claims by October 22

Reimbursements Made on Monthly Basis
Nicehash Returns 60% of Coins Stolen in the HackSlovenia-based crypto-mining pool Nicehash has managed to return 60 percent of about 4,700 bitcoins (BTC) stolen in a hacking attack last year, STA reported. In December, 2017 when crypto prices were heading towards their all-time highs, the missing cryptocurrency was valued at approximately 56 million EUR (~$65 million USD).

The price of bitcoin core (BTC) has dropped from almost $20,000 USD per coin in the weeks following the cybercrime incident to around $6,700 dollars at the time of writing, or almost 70 percent.

Nicehash was hacked on December 6, when its website went down and it was forced to interrupt operations. “Our payment system was compromised, and the contents of the Nicehash bitcoin wallet have been stolen,” the company announced in a Reddit post.

The platform was back online just two weeks after the security breach. Its team pledged to fully reimburse the pool members for their losses. So far, the reimbursements have been made on a monthly basis.

Investigation Going On in Slovenia
Nicehash Returns 60% of Coins Stolen in the HackThe criminal investigation into the case is still ongoing, the Slovenian press agency noted citing representatives of the Ljubljana Police Department. “Information gathering and other activities are still underway and carried out with the help of international legal collaboration,” the police said in a press release quoted by STA.

Slovenian police officials commented that this type of investigations are among the most demanding and lengthy, Total Slovenia News reported. Hackers are usually based abroad and act from different parts of the world, using a variety of techniques to conceal their identity and location.

The Ljubljana-headquartered Nicehash claims to be the “largest crypto-mining marketplace.” The service connects sellers and buyers of hashing power. Buyers rent computing power through its online platform in order to mine bitcoin core (BTC). Sellers have to run the Nicehash mining software and connect their hardware to the pool’s servers. The company was founded by Marko Kobal and Matjaž Škorjanc in 2014.

Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.

https://news.bitcoin.com/nicehash-returns-60-of-coins-stolen-in-the-hack/

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[AutisticKid007]

This is really a great initiative taken by Nicehash. It is their goodness that they are returning the hacked money. This is really a praiseworthy decision. This will help in building some good will for Nicehash hopefully.

[pimondcrypto]

"This really seems a very good news for the market as well as for Nicehash that they have got the hacked coins back, if not all at least something is better than nothing.
"

[CryptoBry714]

Even though this is a rare thing to see in the market, it is a good news indeed. This is not a usual sight that the hacked coins are back to the investors. Maybe there is good in the market after all.

[Rangerman]

Since it has already reimbursed the 60% of the stolen coins so, there are still hope according to me for NiceHash to fully return what the investors and users have lost due to the hacks. But, I don't think this will really help them with the bad reputation they have earned for themselves in the community.

[2fresh]

Since it has already reimbursed the 60% of the stolen coins so, there are still hope according to me for NiceHash to fully return what the investors and users have lost due to the hacks. But, I don't think this will really help them with the bad reputation they have earned for themselves in the community.

Yeah I'm still anti nicehash.

[dgreat]

This is a really a good and nice step by nicehash as the reputation of the firm is now cleared to be a reliable one. this they have done would make others want to follow suit as to maintain a good customer friendly relationship to get more subscribers. this would arise to a serious competition in the line of business. as they have already returned 60% of the hacked and stolen bitcoins i would advice that they be pardoned as they  have tried to please their customers and  their clients should know they have workers to pay salary not only that, and other bills to settle as an organisation and they should as well know as clients it is only giving them a bad reputation in the community as a whole.

[dothebeats]

I applaud Nicehash for actually doing their part in reimbursing their customers, but in reality, they can't do shit about the situation and just run otherwise, the users would just sue them to hell just like what happened in the Mt. Gox fiasco. Nicehash, albeit being the not-so-friendly type of service to their customers, still they are wanting to make it even to their peers and call it quits, or perhaps start a new venture with an even tighter and safer security features. This is a good news, a service that actually cares for their customers.

[BigCookie]

Even after returning the 60% which looks like a positive figure, there is still chance for them to run away without reimbursing their users. If they have returned 60% already, it can indicate that they have only returned the money of the private investors or the principal investors as of now. Users who lost their coins are yet to be compensated. So the situation looks risky.

[cryptocrabs2]

I know NiceHash will eventually compensate all their users but I am more interested in seeing if they can catch the hackers. If that happens, then it will be an example for the whole community and definitely help NiceHash to regain the trust of a small portion of their previous user base.

[felicita]

Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.

are nicehash recovering the BTC amount what the users lost ?
Or the Prize amount on the time they lost there coins 
becourse if the only recovering the amount its much easyer for them now . becours current prize is much lower than dezember 2017 XD



kind regards

[Tambu]

Nice, atleast they true to their investors. This good thing happened could earn respect.

[InCoinsITrust]

This is awesome news! I’m glad they are looking out for their customers!

[audaciousbeing]

Despite my forever grouse against cloud mining services, there is need to commend the management of NiceHash for living to the promise made to people who lost their money on their platforms and doing so in a graduated way. But I didn't read anywhere in the article where any client of NiceHash have claimed to have received the amount lost. This is also a testimony that for a service to have been able to return 2820btc (60% of 4700btc) and they are still waxing strong in paying their bills, all the news about difficulty in mining of bitcoin and how unprofitable it might be is just happening in some peoples imagination.

Going beyond paying back every last penny, I think there should be ways to make the management of NiceHash pay by the authority because for that to have happened successfully means someone didn't do his job right and its the management that should be held responsible for such deficiency as they have betrayed the trust of who invested in their mining equipment believing that the platform is secure enough to keep their resources safe.

[leowonderful]

It's taken a bit of time, and people are still missing earnings, but I too agree that it's certainly nice that Nicehash has gone through with their promise of returning all user funds. I personally don't use their service anymore, but this is a good change from crypto sites simply having funds stolen and never returning customer funds.

As for the matter of whether or not Nicehash will be able to return all stolen funds, I believe that it's very possible they can, through taking some of the fees on the platform and saving them towards reimbursing stolen funds. They're a big enough platform at the moment.

[AdolfinWolf]

Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.

are nicehash recovering the BTC amount what the users lost ?
Or the Prize amount on the time they lost there coins  
becourse if the only recovering the amount its much easyer for them now . becours current prize is much lower than dezember 2017 XD



kind regards

As far as i understand it, they're recovering the BTC amount, which basically means that users are still going to be down ~60%, even if they're fully reimbursed, due to the "low" bitcoin price as of now.

Imagine if only this was an inside job --If they sold the bitcoins back in December, they would be able to fully reimburse all their customers and still keep a massive share of the funds. Add that with the fact that no one has been arrested for the hack, or (as far as i am aware), no one within NiceHash has been held responsible yet.

Is there an update on this? Has anyone actually been held responsible yet? I can't find anything other than that there is an "investigation", as stated in the article..


I really have a hard time buying the current version of this story.. Not sure why.

Too bad that there is no real alternative for them.. *sigh*

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Are these simply spambots or might they be sockpuppets of Nicehash?  

[jvdp]

Nicehash they are awesome in mining field even the they doing service on cloud mining side. I see that they are really best on cloud side I was mining on the nicehash around the 6 months and more for mining ethereum algorithms.

They are really awesome on the mining and really much appreciated the NiceHash team for the reimbursement.

[BitMaxz]

Nicehash they are awesome in mining field even the they doing service on cloud mining side. I see that they are really best on cloud side I was mining on the nicehash around the 6 months and more for mining ethereum algorithms.

They are really awesome on the mining and really much appreciated the NiceHash team for the reimbursement.

I don't trust Nicehash anymore because I'm mining on nicehash before and never receive any refund even I mined small amount they should return what amount that I have.

I am a member of some mining group in FB and most miners use nicehash because it's easy to set up, but most of them telling that they don't receive their refund. So, I don't think it's a good idea to trust their service again even some miner telling that they were already received the refunded amount I don't still trust them.

Mining with your own rig is much better option because you can receive mining coins directly to your wallet. You just need to learn how to set up and connect your miner directly to the pool. Cloud mining from nicehash is not a better option even you have a good experience it's still better to have your own miner because they were hacked before and there is a possibility that they can be hacked again.

[cissrawk]

Looks like not all people that mine in nicehash get refund from them, but still they're doing a nice thing for doing refund (but, better all people that have balance or their coin that got hacked on there get refund), even its not 100%, but still better than 0%.

[Golftech]

Do you think Nicehash will be able to fully reimburse its clients? Tell us in the comments section below.

are nicehash recovering the BTC amount what the users lost ?
Or the Prize amount on the time they lost there coins  
becourse if the only recovering the amount its much easyer for them now . becours current prize is much lower than dezember 2017 XD



kind regards

Good question, the timing the hack occurred is when the bull is too strong the value of bitcoin is really rising too high, NH might returned portions by
portions of those stolen BTC but those who mined won't be satisfied as they loses decent amount, I used to use this miner as well and got some
little amount for reimbursement but after that incident I really allowed myself to learned deeper and use mining calculator to determine which alts
can provide decent gains.