4600+ bitcoins refunded to victims of the NiceHash 2017 attackJanuary 3, 2021
1 minute read
- A cryptocurrency hack that saw attackers run away with more than 4600 bitcoins from the NiceHash crypto marketplace is finally coming back into our lives.
- The platform has refunded the affected victims with long lost digital assets.
A cryptocurrency hack that saw attackers run away with more than 4600 bitcoins from the NiceHash crypto marketplace is finally coming back into our lives. The platform has refunded the affected victims with long lost digital assets.
They have fully reimbursed all users that were affected by the attack and according to a letter posted to the companies official website, the chief executive officer, Martin Škorjanchighlighted that the culprits were behind the “largest theft in Slovenian history“.
Even though they have yet to be identified, 4640 bitcoins were stolen. At the time, this is worth about $55 million but going off current prices, that would be valued at about $100 million at the time of writing.
This refund was more than likely made at a loss for the exchange but of course, the increase in value is very good news for the recipients.
There have been numerous cryptocurrency hacks over the years. In 2017, there were particularly more than most and a lot of initial coin offering scams were scattering about.
During this time, crypto platforms were just getting started and the leading cryptocurrency was priced at $20,000 for an all-time high (the current all-time high is over $24,000 at the time of writing).
As a result of people just getting their feet into the crypto industry, malicious individuals decided to take it upon themselves to make the most of the naivete.
Exchanges such as NiceHash became victims of crypto thefts. The CEO went on to say that the attack threatened the platform to a point where it needed to shut down. He added:
“At the time, many tried to convince us that there was no solution for us. A flock of various consultants and experts began circulating us, persistently telling us that our story was over. Everybody started offering us different ways to shut down the company most elegantly and make the most of the collapse.”
Martin went on to talk about how the process for reimbursing users went:
“We started to reimburse the damage gradually. We transferred every amount we didn’t need for bare survival to our users’ accounts. In the last three years, we have regularly waived profits. But we do not regret it, as it heralds the beginning of a new era of growth and development for us. We don’t owe anyone anything anymore. We have fully settled all tax liabilities, and 4,640 bitcoins are again in our users’ accounts. We are free!”
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