Nicehash devs reveal the details of attack

The livestream hosted on Nicehash Facebook page with further information about the attack performed on December 6th
08 December 2017   5988

Yesterday we've covered the hacking of Nicehash bitcoin wallet. At that time there were no official comments released about the scale or the exact method of attack.

Now, we have at least some information released by Nicehash team. Total amount of 4700 Bitcoin was stolen by as of yet unknown hacker, or a group of hackers.

The attack commenced on 1:18 AM CET according to available VPN logs. It was performed through a compromised computer at the company's office. The forensic analysis to determine the exact way the security was breached is ongoing. At 1:37 AM hacker logged in with the credentials of one of Nicehash engineers. During the next perpetrators studied the payout system and tried to modeled its work. At 3:24 AM they performed the transfer and have successfully stolen money from Nicehash account.

Local and international authorities and law enforcement organizations are on the case, and the local investigation is in full swing. From all the evidence it seems quite obvious, that the attack was extensively prepared and well-coordinated effort, because existing security systems should have filtered out any such attempt. Unfortunately, the company refused to comment on the internal investigation into possible insider leaks, citing ongoing investigation.

The most important question is, of course, what happened to the miners' accounts. Right now, Nicehash is in communication with the largest cryptocurrency exchanges to track and return the stolen money. The representative said during the livestream, that it will take time, but the company is looking for a way to pay the miners.

As of now, the site is still under maintenance, but the spokesperson said, that the team is working day and night to restore the functionality and to resume mining operations.

Iran to Issue Over 1000 Mining Licenses

Amir Hossein Saeedi Naeini from Iranian ICT Guild Organization said that crypto mining industry attracts many in Iran
27 January 2020   184

Over the past six months, the Iranian Ministry of Industry has issued more than 1000 cryptocurrency mining licenses. This was announced by Amir Hossein Saeedi Naeini, representative of the ICT Guild Organization.

According to him, cryptocurrency mining is a new industry that attracts many in Iran. He noted that miners must obtain a license to work.

The Ministry of Industry, Mine and Trade has issued more than 1,000 licenses for cryptocurrency mining in the country. Our studies show that the crypto mining industry has the potential to add $8.5 billion to the economy.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He believes that the cryptocurrency industry can help Iran's economy. However, he explained that the high cost of electricity is a serious problem for cryptocurrency miners.

High electricity tariffs plus stringent regulations have made the sector less appealing for small investors.

 

Amir Hossein Saeedi Naeini

 ICT Guild Organization

 He expressed the opinion that “the operating conditions in this industry should not be such that only large capitalists enter the cryptocurrency mining market but that all miners can operate.” He emphasized that changing electricity tariffs could stimulate the mining industry to generate more revenue.