Home Security Digital marketplace loses US$64m as bitcoin wallet stolen
Digital marketplace loses US$64m as bitcoin wallet stolen Featured

A Slovenian digital currency marketplace has had the contents of its bitcoin wallet stolen and has lost about US$64 million as a result.

NiceHash matches people who want to sell processing time on their computers in exchange for bitcoin.

A report in Fortune quoted NiceHash head of marketing Andrej P. Škraba as saying that the hack was “a highly professional attack with sophisticated social engineering”.

But other reports said that the NiceHash compromise was through a simple phishing attack.

UAE-based security researcher Matthieu Suiche commented on Twitter: "It's pretty concerning that exchanges are being compromised via simple phishing attacks.

"The damages will be even greater when groups, like Lazarus group, who are known to target SWIFT infrastructures with more sophisticated attacks will target actual exchanges."

NiceHash said in a statement that following the theft, it was shutting down operations for 24 hours until it verified how many bitcoins were stolen.

The company said its payment system had been compromised.

"Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days," the statement said.

"In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency.

"We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity."

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Sam Varghese

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Sam Varghese has been writing for iTWire since 2006, a year after the sitecame into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

 

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