Cryptocurrency Platform NiceHash Was Hacked, $64 Million in Bitcoin Stolen

Cryptocurrency Platform NiceHash Was Hacked, $64 Million in Bitcoin Stolen

Cryptocurrency Platform NiceHash Was Hacked and claimed that the contents of its bitcoin wallet were stolen. This security breach caused loss of nearly $64 million in bitcoins.

Slovenia-based cryptocurrency mining marketplace allows users looking to sell their computers’ processing time for cryptocurrency mining in exchange for bitcoin.  The marketplace went offline early on Wednesday, which the company claimed was due to maintenance. Soon enough, an announcement posted on the company’s social media channels confirmed users’ worst fears.

“Unfortunately, there has been a security breach involving website and internal servers, hosted by IBM SoftLayer. There were no comments from IBM or SoftLayer about their security posture, and it is known that threat actors exploit system providers to get access, such as APT10. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours,” the team at wrote. “Importantly, our payment system was compromised and the contents of the Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken.”

Head of marketing told Reuters that the hack was “a highly professional attack with sophisticated social engineering”. Some 4,700 bitcoins, worth approximately $65 million at the time of publishing, were stolen from the wallet.

As the cryptocurrency platform NiceHash was hacked, they advised users to change all their online passwords. It’s presently unclear what data the hackers were able to obtain – in addition to the stolen funds.

In addition to an internal investigation, NiceHash hired LIFARS to identify the origin of the breach. LIFARS specialist identified the Lazarus Group as the potential originator of the attack. The company further added that it had contacted the “relevant authorities and law enforcement” in order to “rectify the matter in the coming days.”

References:

https://lifars. com/knowledge-center/lessons-learned-from-a-67-million-case-study-cryptocurrency-hack/

https://www.nicehash.com/blog/post/niceHash-security-breach-investigation-update