The growth of cryptocurrency continues on. The present price of 1 bitcoin is equivalent to $14,800, a staggering amount in all aspects. Just imagine what you can do with one bitcoin alone—with that much money, you will have endless opportunities in this world.
This lucrative way out is perhaps something that hackers also taught of. Last week, cyber criminals breached the rigorous security protocols of NiceHash, the largest bitcoin mining marketplace. Founded in 2014, the company has countless users and rents out its spare computing power to help users create more coins.
Yet on that fateful Wednesday, many NiceHash users complained of suddenly seeing their BTC wallets empty. Given the amount of money the BTCs are worth, it is understandable that NiceHash paid attention to the clamor made by its customers. Unfortunately, the company has to admit that there has been a breach and an investigation is ongoing. The NiceHash website temporarily went down for a “system maintenance” to see the scope of the hack.
It turns out that only 4,700 bitcoins were stolen in the breach, which were then worth $57 million at the time they were stolen. However, in less than 24 hours, their price skyrocketed to more than $70 million.
As of writing, the NiceHash website is still down. The brand continues to reassure users that it is working with the proper authorities to facilitate the effective retrieval of the stolen bitcoins. This is not the first time that a bitcoin mining marketplace has been targeted by hackers. Two other high scale events also occurred in the past few months.
Cryptocurrency is a digital asset that is considered as a medium of exchange that use cryptography to facilitate secure transactions, control and create additional units, and transfer assets. It is quickly becoming a lucrative industry that has the interest of legitimate investors. Unfortunately, the promise of high returns is also very tempting to cyber criminals, such as what is seen with the case of NiceHash.
Cyber criminals will always try to steal valuable information or data that has some semblance of monetary worth. If you are dealing in bitcoins or simply want to protect your company from possible attacks in the future, then you’ve come to the right place. We at IntelliTek offer comprehensive security packages to safeguard your brand and protect your data. With our help, you no longer have to worry about the latest security breaches; you can rest assured knowing that your company is in capable hands and you will never be susceptible to security attacks.
About IntelliTeK Pty Ltd
IntelliTeK is a managed IT services company in Sydney, Australia. With major vendor relationships and accreditations from the world’s leading IT companies including WatchGuard, Microsoft, Trend Micro and Amazon Web Services, IntelliTeK have kept clients happy since 2007.
IntelliTeK are always up to date with the latest cloud backup solutions which is why we only partner with the best in the industry. If your company isn’t fully equipped to fend off cyber criminals, then get in touch with us so we can discuss your options. Call us on 1300 768 779, email us at firstname.lastname@example.org, fill out the web form, or have a Live Chat with us below.