Cryptocurrency mining marketplace NiceHash hacked, over $70 million in Bitcoin stolen

Jon Howard
December 8, 2017

The digital currency was trading at $14,382.33 as of 1:52 p.m. HK/SIN, as reported by Coinbase.

In contrast to bitcoin's dramatic gains, global stock markets have been cooling down considerably into the end of the year after rallying notably in recent weeks. On Thursday afternoon the ASX 200 was 0.54 percent higher while the Shanghai Composite and South Korea's Kospi were both lower.

Bitcoin exchange rate soared 19%, smashing through the $15,000 benchmark for the first time ever, according to the data from the electronic cryptocurrency platform, Coinmarketcap. The dollar was trading at $1.3365, a 0.20 percent decline.

The Futures Industry Association, which represents Wall Street's biggest banks and clearing houses, sent a letter to the Commodities Futures Trading Commission, saying that as the guarantors of customers trades, they should have been consulted before trading in bitcoin futures was approved. Crypto exchange Coinbase showed a $3,000 per coin jump on Thursday before the site went down amid "record high traffic".

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NiceHash, a website which offers Bitcoin in exchanges customer's computing power to mine other cryptocurrencies, confirmed that it had suffered a security breach early this morning.

It wasn't immediately clear whether funds had been taken from NiceHash users' accounts as well.

Cboe Global Markets Inc. has said it will start trading bitcoin futures on December 10, while CME Group Inc.'s contracts are set to debut on December 18. They expressed concern that the extreme volatility tied into bitcoin could leave banks exposed when the futures move too violently. Bitcoins are created through a complex computer process known as mining and then monitored by a network of computers across the world.

Online security is a vital concern for such dealings. They are basically lines of computer code that are digitally signed each time they are traded. Some say they serve merely to facilitate money laundering and illicit, anonymous payments. Laws were enacted to regulate bitcoin and other virtual currencies following that incident.

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