NiceHash CEO Resigns After Hackers Steal $63 Million in Bitcoin

The crypto world will never forget 2017. The boom in the emerging economy has showered wealth upon many early investors and also attracted the attention of almost the entire mainstream market. But it was not all good news that made the headlines. The digital currency world has encountered many illicit activities, including thefts of coins worth millions of dollars.

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One of the major crypto hacks was reported on 6th December 2017, as hackers stole over 4000 bitcoins, worth an estimated $63 million, from the Slovenian cryptocurrency Mining Pool Mining Pool A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit A mining pool is a group of cryptocurrency miners that look to combine their hash power and computing potential to increase the chance that they will earn mining rewards. Crypto miners are presented with choices, either working with others and splitting a higher probability reward among pool members, or going solo with a decreased chance for a bigger reward.With cryptos such as Bitcoin for example, it is simply not plausible for a normal person operating with their own computer to make a profit Read this Term service NiceHash.

Now, a few weeks on, Marko Kobal, co-founder of NiceHash, has stepped down as CEO. A new management team has taken over.

Kobal confirmed his resignation with a LinkedIn post in which he noted: “I shall now stand aside and allow new management to lead the organization through its next, exciting period of growth – therefore I decided to resign as CEO of NiceHash.”

“I have been incredibly privileged to share in the excitement of growing NiceHash since its earliest days. I have every confidence in the ability of our extraordinary team to develop the service, and I expect to see the company prosper in the coming years,” he added.

According to Slovenian newspaper Delo, Kobal will be replaced by Zdravko Poljašević.

Marko Kobal co-founded NiceHash in 2014 with Matjaž Škorjanc, a well-known name in the hacking community. NiceHash grew to become one of the biggest mining ‎Hash Rate Hash Rate A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain A hash rate is the measure of a cryptocurrency miner’s performance and a key security metric. In the context of mining, the more hashing or computing power in a given network, the greater its security and its overall resistance to attackMining hashrate is a key security metric. The more hashing (computing) power in the network, the greater its security and its overall resistance to attack. Hash rate is also a measurement of the output of a device that is used to add transactions to a blockchain Read this Term marketplaces in the world. The company allows miners, traders, and ‎investors to buy and sell hash power. ‎Škorjanc still holds the position of chief technology officer at the firm.

NiceHash is up and running again, and has announced in an official statement that it will reimburse the affected users.

The announcement reads: “We have now been able to reserve the funds required to restore balances from a group of international investors in our business. The exact date of reimbursement for old balances will be announced by January 31, 2018. We need this interim period to ensure all legal paperwork is processed correctly, so please be patient while we do this.”