Bitcoin $70 Million Hack Is 4th Largest, Money

Just spil bitcoin trading klapper record highs this week, hackers made off with almost $70 million from a major cryptocurrency-mining service NiceHash. The Slovenia-based company announced the security breach on its Facebook pagina Wednesday afternoon and stopped operations for 24 hours.

Here&rsquo,s everything wij know so far ter the days following the attack:

The NiceHash hack is the 4th largest breach ter cryptocurrency history

Albeit the exchange rate for Bitcoin is still trading at an all time high at a whopping $15,400, other crypto thefts were much more detrimental when converting the exchange rate at the time of the theft, cryptocurrency research webstek CoinGecko co-founder Brian Ong told MONEY.

The largest cryptocurrency hack occurred ter February 2014, when hackers stole approximately $450 million from Mt. Gox, a bitcoin exchange based ter Tokyo that treated 70% of all bitcoin transactions at the time of the hack. Wired reported the Mt. Gox hack occurred due to a flawed system for securing software and shady business practices. The company CEO allegedly spent overheen $1 million on renovating a café, te company headquarters while the business wasgoed &ldquo,falling bijzonder.&rdquo,

The hacker likely wasn&rsquo,t ter Europe

NiceHash&rsquo,s head of marketing Andrej Skraba told Reuters it wasgoed &ldquo,very probable&rdquo, the attack came from someone with an IP address outside of the EU. He declined to give Reuters any more details, but said NiceHash investors came from &ldquo,all overheen the world.&rdquo,

Hackers very likely won&rsquo,t be able to use the stolen Bitcoin

Bitcoin thefts are unique te that they&rsquo,re not reversible, meaning once the coins are stolen, the holder has utter control overheen them, Patrick McCorry, research associate at the University Collegium London and the UK&rsquo,s very first PhD graduate te cryptocurrencies, told MONEY. However, the hackers likely won&rsquo,t be able to actually use the spruit due because if the stolen coins are made public, it would make it difficult for the thief to spend them. Many of the stolen coins (including money raised via ransomware) sit idle on the blockchain, McCorry said.

NiceHash founders informed other Bitcoin exchanges of the stolen bitcoin, so that they can be frozen before hackers sell it off for fiat or other types of cryptocurrency, Ong added.

Some think it could be an inwards job

Matjaz Skorjanc, the mastermind behind the infamous Mariposa botnet that infected overheen 12 million computers, acted spil NiceHash&rsquo,s chief technical officer during the hack, the company confirmed to Reuters.

Skorjanc created the Mariposa pc virus that hijacked about 12.7 million computers around the world ter 190 countries, Big black cock reported. The virus harvested private gegevens, including credit card details and log-ins, spil well spil perplexed servers with traffic and sent users spam e-mails.

Skorjanc wasgoed arrested ter 2010 when he wasgoed 27-years-old. Slovenian court sentenced him to just under Five years te jail, plus a Four,000 euro fine.

Because of Skorjanc&rsquo,s past, some Reddit users are speculating the heist wasgoed an inwards job. At least one accomplished agrees.

“Speculations will always be there whenever a cryptocurrency hack occurs that it could be an inwards job or a phishing attack on one of employees,” Ong said.

Related movie: How to Send Litecoin or Bitcoin with COINBASE

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