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Mining Market NiceHash Refunds Users 4,640 Bitcoin Lost in 2017 Hack

The company has "regularly waived profits" for three years, the firm's CEO wrote Thursday.

Dec 17, 2020 at 11:50 a.m. UTC
Updated Sep 14, 2021 at 10:44 a.m. UTC

Mining marketplace NiceHash has fully reimbursed users who were affected by the loss of 4,640 bitcoin in a late 2017 security breach.

  • For the past three years, the Slovenia-based mining company has "regularly waived profits" to make its customers whole, according to a letter from CEO Martin Skorjanc, published Thursday.
  • "We do not regret it, as it heralds the beginning of a new era of growth and development for us," he wrote.
  • NiceHash has been repaying its users "through our fees and thus cutting our profits," said CMO Andrej Skraba in an email to CoinDesk.
  • Skraba said his company was planning to repay in full sooner, but "the bear market that followed has slowed down the repayment program significantly."
  • The criminals who executed the breach are still unknown, Skorjanc said, calling the incident "the largest theft in Slovenian history."
  • The bitcoin are worth $104,629,328 at press time, according to CoinDesk 20 data. At the time of the breach, they would have had a value of around $55 million.
  • The hashpower-renting marketplace disclosed the hack on social media in December 2017, saying a "security breach involving NiceHash website" resulted in a loss of funds, as CoinDesk reported at the time.
  • In the aftermath, Skorjanc said many people told NiceHash it was time to shut up shop. "But we didn't listen to them," he wrote.

Update (Dec 17, 17:20 UTC): This article has been updated with additional statements from NiceHash.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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