This post was originally published on this site

ltechnologygroup.com is a participant in the Amazon Services LLC Associates Program, an affiliate advertising program designed to provide a means for sites to earn advertising fees by advertising and linking to amazon.com.

Millions ‘stolen’ in NiceHash Bitcoin heist

  • 8 December 2017
  • comments

NiceHash logoImage copyright
NiceHash

Image caption

NiceHash was targeted by hackers in the early hours of Wednesday

“Highly professional” hackers made off with around 4,700 Bitcoin from a leading mining service, a Bitcoin exchange has said.

The value of Bitcoin is currently extremely volatile, but at the time of writing, the amount stolen was worth approximately $80m.

The hacked service was NiceHash, a Slovenia-based mining exchange.

It said it was working hard to recover the Bitcoin for its users, adding: “Someone really wanted to bring us down.”

The attack happened early on Wednesday, said NiceHash’s chief executive Marko Kobal. Attackers accessed the company’s systems at 01:18 CET (00:18 GMT). By 03:37 the hackers, whom the company believes were based outside the European Union, had begun stealing Bitcoin.

The theft comes as the price of Bitcoin continues to surge, dumbfounding experts and stoking concerns of a bubble.

High-stakes attacks like this are not uncommon, with several large breaches and thefts hitting Bitcoin and other related services over the past year.

NiceHash is a mining service, a company that pairs up people with spare computing power with those willing to pay to use it to mine for new Bitcoin.

‘Forensic analysis’

Mr Kobal appeared on Facebook Live to address concerns about the hack.

“We have not abandoned you guys,” he said.

He explained that an employee’s computer was compromised in the attack. He added that “forensic analysis” involving local and international authorities was taking place, but did not expand on which specific agencies were involved when asked by the BBC.

The company was heavily criticised by its users who commented in droves on Facebook. Communications were complicated further when a spoof Facebook page for the company was set up and spreading disinformation about the breach.

Security issues involving Bitcoin and other related services are a frequent cause for concern for virtual currency traders.

Other recent controversies involving digital currencies include:

Follow Dave Lee on Twitter @DaveLeeBBC

You can reach Dave securely through encrypted messaging app Signal on: +1 (628) 400-7370

At L Technology Group, we know technology alone will not protect us from the risks associated with in cyberspace. Hackers, Nation States like Russia and China along with “Bob” in HR opening that email, are all real threats to your organization. Defending against these threats requires a new strategy that incorporates not only technology, but also intelligent personnel who, eats and breaths cybersecurity. Together with proven processes and techniques combines for an advanced next-generation security solution. Since 2008 L Technology Group has develop people, processes and technology to combat the ever changing threat landscape that businesses face day to day.

Call Toll Free (855) 999-6425 for a FREE Consultation from L Technology Group, https://www.ltechnologygroup.com.