Indri Schaelicke | United States
As technology continues to advance, our lives are becoming more and more comfortable. Technology allows us to spend less time and energy doing basic tasks by automating them. Perhaps the most revolutionary invention of all time is the Internet, with many services being brought into the digital realm. It is now possible to buy products online from halfway around the world and do all of our banking from web-based apps and websites, tasks that a few decades ago might have taken hours to days to complete in the real world. Being able to do these tasks efficiently allows us to increase our productivity as we direct our scarce resources towards other ends. However, as more services are moved online and our use of the internet increases, so does the risk of cyberattacks and fraud. A new type of dangerous cyberattack is on the rise: Cryptojacking.
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By Jackson Parker | USA
NiceHash, a crypto-mining marketplace, has had their security compromised over the night of December 5th after undergoing maintenance and a total of 4736.42 BTC removed from their bitcoin wallet by the next morning. Nicehash offers a server where individuals offer computing capacity to bitcoin miners to mine bitcoins via complicated math equations in order to create blockchains, the basis for cryptocurrency. The almost 75 million dollar heist has currently halted NiceHash operations for at least 24 hours.
The marketplace is among the largest in the world and has raised serious alarms for security threats for online companies. This corporate security breach is being investigated by NiceHash and the proper authorities and will be dealt with urgently. NiceHash will continue to update us on their endeavors into the matter and encourages all users to change their online passwords.
The bitcoin address from the thief has been identified and can be found on the Reddit thread for NiceHash’s official press release. Due to the untraceable nature of BTC, this is the end of the line for following the footsteps of the perpetrator.
With the attack on the marketplace keep in mind that this is not an attack on Bitcoin itself. The marketplace attack was a private company with large amounts of BTC to its disposal, similar to any other large company being attacked, but the system of bitcoin remains intact.
This isn’t the first or largest hack of cryptocurrency since it’s inception either. The Mount Gox hack in 2011 transferred almost 10 times the bitcoins that NiceHash’s security breach involved. Another attack from last year on The DAO stole a much larger sum of 3.6 million Ether, becoming the largest crypto-heist in history.