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Breaking news! Everything keeps breaking! Here we go again…

Another day another security breach! But where at this time you may ask? A cryptocurrency company known as NiceHash.

Early Wednesday, it was discovered that hackers had breached the bank of NiceHash and stolen potentially millions of dollars in bitcoins. It was made known that most of the funds stolen belonged to the customers of NiceHash. The customers of NiceHash use their computer processing power to earn cryptocurrency.

The hack affected the payment system of NiceHash and got away with the entirety of NiceHash’s wallet, an estimated 63 million in bitcoins. NiceHash has stated that they are working on resolving the urgent matter as fast as possible, and have contacted the necessary law enforcement authorities, while also conducting their own investigation.

NiceHash is a mining service for cryptocurrencies. NiceHash lets people offer their extra computer processing power for high-energy calculations and in the process are rewarded with altcoins, a differrent form of cryptocurrency, that can be exchanged for bitcoins. Generally people move their earnings to their personal cyber wallets and exchange the bitcoins for currency in some manner, however some people chose to leave their earnings in NiceHash’s cyber wallet…the one that was hacked.

Cryptocurrency companies often boast about the safe and trustworthy technology that secures the currency from hackers and the like, but NiceHash isn’t the first company that’s in the cryptocurrency business to be hacked. Just last month, a company called Parity had their digital wallet frozen by a novice hacker, making around $162 million in cryptocurrency unusable.

Word of advice: Don’t leave your money in someone else’s pockets, it may not be there later.

Be careful on the web folks and as always, if you need some reinforcement of your networks and want to learn about your security options, as well as the technology your using, give us a call at Re2tech! 

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