The $70 Million Bitcoin Hack Was the 4th Largest Breach in Cryptocurrency History

Just as bitcoin trading hit record highs this week, hackers made off with nearly $70 million from a major cryptocurrency-mining service NiceHash. The Slovenia-based company announced the security breach on its Facebook page Wednesday afternoon and stopped operations for 24 hours.

Here’s everything we know so far in the days following the attack:

The NiceHash hack is the 4th largest breach in cryptocurrency history

Although the exchange rate for Bitcoin is still trading at an all time high at a whopping $15,400, other crypto thefts were much more detrimental when converting the exchange rate at the time of the theft, cryptocurrency research website CoinGecko co-founder Brian Ong told MONEY.

The largest cryptocurrency hack occurred in February 2014, when hackers stole approximately $450 million from Mt. Gox, a bitcoin exchange based in Tokyo that handled 70% of all bitcoin transactions at the time of the hack. Wired reported the Mt. Gox hack occurred due to a flawed system for securing software and shady business practices. The company CEO allegedly spent over $1 million on renovating a café in company headquarters while the business was “falling apart.”

The hacker likely wasn’t in Europe

NiceHash’s head of marketing Andrej Skraba told Reuters it was “very probable” the attack came from someone with an IP address outside of the EU. He declined to give Reuters any more details, but said NiceHash investors came from “all over the world.” […]

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