NiceHash Crypto Mining Platform Continues Repayment Program After Hack Breach
NiceHash, one of the most important and largest cryptocurrency mining platforms in the market, continues with its repayment program. The sixth reimbursement will be processed on Monday, July the 2nd and users will be receiving 10% of their lost funds, meaning that they would have received more than half of the money they had at the moment of the attack.
It is important to mention that NiceHash has been hacked back in December 2017. According to the company, a wallet address seems to have taken 4,736 BTC from the company. At the moment they were valued at $74 million dollars. NiceHash started to operate again in December the 22nd, some days after the attack.
The Repayment program started on February the 2nd this year. All the users affected by the hack will be fully reimbursed at the same time and with the same conditions applying to all. Every single time that the company will be reimbursing its users, it will be possible to monitor the repayment process.
If there are some customers that did not receive any payment, then it is important to notify NiceHash support if it wants to receive the money. The balance will be repaid in Bitcoin (BTC) and not in fiat money or other cryptocurrencies. But there is a different reimbursement mechanism to internal and external wallets.
Internal wallet users that were registered on the NiceHash platform before December the 6th, 2017, are able to enter their account and see the old balance tab which is located under the ‘Wallet’ section on their respective Dashboards.
Those users that were not able to join the reimbursement program in the past, will now receive the remaining payments, which will be 55% of the old balance if they decide to enter the program. The next payment will be on Monday, July 2nd.
Those users that were not registered on the platform when the attack occurred, and were instead using the NiceHash services with their external wallet address have been also included in the repayment program. Those users will be able to enter their address and see their old balance. NiceHash will be reimbursing ten percent of the old balance to those users using external wallets. The payment will be processed on July the 2nd.
It is important to mention that 45% of the old balance amount has been reimbursed under ‘Reimbursed pending’. Once the user reaches 0.001 BTC it is eligible for payment. NiceHash will be including the unpaid balance in the amount. If the user did not have 0.001 BTC, then it will have to mine until it reaches this amount.
During the last year, several hacks and attacks took place in the cryptocurrency world. Indeed, several companies have been affected, including cryptocurrency exchanges and website visitors. The most important attacks in the last months have been suffered by Coinrail, Bithumb, BitGrail and Coincheck, all of them virtual currency exchanges and crypto platforms.
Coincheck lost over $500 million dollars in NEM coins, BitGrail lost $195 million dollars in NANO (former XRB), Bithumb lost $31 million dollars (and recovered $17 million), and Coinrail lost $40 million dollars.
It is highly recommended for crypto users to have their funds stored in cold storage wallets [Ledger, KeepKey, Trezor], in this way, the digital assets will be safe. Online platforms like exchanges and mining pools are always good targets for hackers.