Business 28 August 2018

Dennis Wafula

NiceHash continues to reimburse clients post 2017 hack

NiceHash, a Slovenian-based crypto mining pool, has so far managed to return 60% of their stolen BTC, according to reports.

The company suffered an attack in December 2017, after an unidentified suspect hacked its system and stole 4,700 BTC, worth $64 million at the time. NiceHash had to stop its operations for a few days in order to resolve the situation.

Two weeks after the attack, NiceHash resumed operations and promised its clients that it would pay them back for their stolen currencies. The company initially said it will pay back the clients 10% of the old balance and the remaining amount in small periodic payments. NiceHash’s payment plan began last February 2, with clients receiving small amounts monthly. All clients who haven’t received their reimbursements were asked to immediately notify the NiceHash team. NiceHash stated that they would make payments in BTC, and not through fiat or any other cryptocurrency.

According to the company, the payment plan was to make sure all its clients have been paid in the same condition at the same time in an effort to maintain customer relations. The company expects to finish paying off the remaining 40% in the coming months.

According to local reports, police are still investigating the matter. A representative of the Ljubljana police, while speaking to reporters, stated that they are still gathering information needed for the case. The official said the investigation would require a longer period before bringing the culprits to justice, adding that finding the hackers is not an easy task most of the times as the hackers are usually based abroad.

NiceHash is among many virtual exchanges that have fallen victim to hacking. Some have lost millions, while other managed to escape unscathed. From the long list of affected crypto exchanges, a few have been able to reimburse those clients who lost crypto during the hacks. Coinsecure, a cryptocurrency exchange based in India, reimbursed its users in Indian rupees after the exchange lost $3 million during a hack. The exchange promised its clients to pay them back their stolen BTC if the police managed to recover the currencies. However, the stolen BTC were not recovered and the exchange was forced to pay clients 10% in BTC and 90% in rupees.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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