As the value of the cryptocurrency market appreciates in value, so does its popularity with the world of hackers. The overall market cap sits above $400 Billion which equates to more than R5 Trillion sitting in various wallets around the world; this makes for a very lucrative mark if hackers get it right.

The NiceHash mining pool have server locations across Asia, Europe and the USA and have become very popular for miners as they allow for users to utilize any hashing algorithm the user may require. On Wednesday, there was over 4 700 BTC sitting pretty in their coffers which has been accumulated over the years from all the miners renting out their computing power to the network; today there is zero… NiceHash released a statement saying that they are “investigating the nature of the incident,” and that they “are working to verify the precise number of BTC (bitcoin) taken.” It was later confirmed by their head of marketing, that more than 4 700 BTC were stolen from the hack that had occurred.

It is definitely not the first time that there has been a hack in which millions of dollars were lost, however it most certainly was one of the biggest. There have been rumours floating around Reddit and other major forums that it was a scam by the company themselves, however this has not been verified and I am reluctant to think that this type of behaviour is happening among the large companies in the industry. In a statement made yesterday, NiceHash has urged users to change their passwords, but at this point it will be extremely difficult to gain back the respect and trust of the crypto community with such a huge fault in security… They better have something big planned!