Bitcoin’s meteoric rise comes with some downfalls.
Since our last report on Bitcoin’s value, where the world’s largest cryptocurrency surpassed 10K in value, the coin has now added another 6K to the margin with its current value sitting at $16,130.68 as we type this.
But with such an exceptional growth in just a week comes the risk that the trend may burst or, as recent reports have confirmed, hackers trying to break away with some of the profits.
Money reports that the Bitcoin mining service, NiceHash, is the recent victim of online hackers where suspects have broken away with $70 million worth of the currency. The company announced the security breach on their Facebook page telling customers that all operations have been paused for 24 hours.
“Clearly, this is a matter of deep concern and we are working hard to rectify the matter in the coming days. In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency,” the statement reads. “We are fully committed to restoring the NiceHash service with the highest security measures at the earliest opportunity.”
NiceHash told Money that $70 million worth of bitcoin equals around 4,700 coins, adding that this was accomplished through a “professional attack.”