NiceHash Returns 60% of Stolen Bitcoin

The crypto world is not without its fair share of discomforting events such as FUDs, hacks, and scams.

Happily, not all hacks or scams end in total tragedy. For example, NiceHash, the Slovenian Bitcoin-mining marketplace recently announced that it managed to reimburse clients 60% of some 4,700 Bitcoin that were stolen in early December last year.

Insight on the December attack

For those who don’t know, the company suspended operations in the light of the December 2017 attack when it lost $64 million worth of Bitcoin. The story of the hack began when various Bitcoin owners posted comments on NiceHash’s social media platforms in regards to various issues.

The company respectfully decided to suspend its operations while the investigation of the breach took place and issued the following statement: “We understand that you will have a lot of questions, and we ask for patience and understanding while we investigate the causes and find the appropriate solutions for the future of the service.”

According to various reports, the hack was carried out by professionals who managed to steal 4,700 Bitcoin.

“Our payment system was compromised, and the contents of the Nicehash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken,” the company announced on Reddit at the time.

The attack resulted in co-founder Marko Kobal having to step down from his position as the company’s CEO.

How will people get their money back?

NiceHash attempted to restore all the affected balances, but the reimbursement plan was not as successful as the company hoped.

“The Repayment program will start on Friday, February 2, 2018, and will initially reimburse 10% of the old balance amount to all users that were impacted by the security breach,” the company announced in a tweet. The company followed up by adding “We are committed to periodically repay the remaining amount to all users in the coming months.”

NiceHash proved that it is committed to repaying the full amount to all users in the following months. The old balance is to be repaid in Bitcoin and not in the fiat value or any other type of cryptocurrency.

With 60% reimbursement, NiceHash seems to be doing good work and, if things go as planned, we might even see a total clearing of dues in the following period.