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NiceHash announced that on December 16, 2020 it will refund the remaining balances to NiceHash users affected by the NiceHash security breach of 2017. In other words, on December 16 NiceHash will return 100% of the users’ funds that were stolen during the NiceHash hack. 6 December 2017.
The NiceHash hack
On December 6, 2017, NiceHash was hacked for 4,736 BTC. At the time, the stolen BTC was worth around $ 70 million. NiceHash believes that the attacker was able to obtain the credentials of a NiceHash employee via a phishing email. Once the attacker had the employee’s credentials, he subsequently emptied all the BTCs in the NiceHash wallet. Unfortunately, the attack directly affected NiceHash users and if a user kept their funds in the NiceHash wallet, their wallet showed a zero (0.00) balance after the hack happened.
NiceHash was unable to recover any of the stolen funds, however, it said it was committed to making its users healthy again. The NiceHash refund program started on February 2nd 2018 and to date 82% of the stolen funds have been refunded to Nicehash users.
NiceHash refund program
On December 16th, NiceHash users will receive their last payment as part of the repayment schedule. The next payment will revert the NiceHash user’s account balances back to the amount they were in when the security breach occurred in 2017.
“We paid back the old balance to our users through our rates, thus reducing our profits. We wanted to pay back all affected users faster, but the bear market that followed slowed the refund schedule significantly, “NiceHash team said in its most recent announcement.
It’s rare to see a digital currency provider victim of a hack, security breach or exploit fully compensate their users. But hopefully NiceHash sets a precedent for all those hit by attackers and hackers.
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