NiceHash SCAM ! CEO Confirms Bitcoin Theft Worth $78 Million !!

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Cryptocurrency mining marketplace NiceHash has confirmed that yesterday’s hack resulted in the loss of over 4,700 BTC, an amount worth more than $78 million at press-time prices.

In a video update streamed live on Facebook, CEO and co-founder Marko Kobal provided an update to yesterday’s dramatic announcement that the company, founded in 2014, had incurred a hack and subsequent theft. The news followed growing reports of emptied wallets, as well as an extended downtime period for the service’s website.

According to Kobal, the attack began in the early hours of Dec. 6 after an employee’s computer had been compromised. Kobal, who said that the team is working with law enforcement, explained that “we’re still conducting forensic analysis” to determine how it happened.

Over the course of several hours, Kobal said, those behind the theft gained access to their systems, and that at 3:34 am CET began to siphon off funds from the company’s accounts. As reported yesterday, a wallet address circulated by users showed approximately 4,736.42 BTC being held – an amount worth approximately $78.3 million according to CoinDesk’s Bitcoin Price Index (BPI).

 

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As of press time, the funds are still being held in the address in question.

Kobal went on to say he couldn’t provide additional details, though he added that the attack appears to be “incredibly coordinated and highly sophisticated attack.” He said the company would release additional details on possible recovery methods in the future.

“We are doing everything we can right now. However, this will take time,” Kobal said.

 

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“Highly professional” hackers made off with around 4,700 Bitcoin from a leading mining service, a Bitcoin exchange has said. The value of Bitcoin is currently extremely volatile, but at the time of writing, the amount stolen was worth approximately $80m.

The hacked service was NiceHash, a Slovenia-based mining exchange .It said it was working hard to recover the Bitcoin for its users, adding: “Someone really wanted to bring us down.”

The attack happened early on Wednesday, said NiceHash’s chief executive Marko Kobal. Attackers accessed the company’s systems at 01:18 CET (00:18 GMT). By 03:37 the hackers, whom the company believes were based outside the European Union, had begun stealing Bitcoin.
The theft comes as the price of Bitcoin continues to surge, dumbfounding experts and stoking concerns of a bubble. High-stakes attacks like this are not uncommon, with several large breaches and thefts hitting Bitcoin and other related services over the past year.
NiceHash is a mining service, a company that pairs up people with spare computing power with those willing to pay to use it to mine for new Bitcoin.

‘Forensic analysis’
Mr Kobal appeared on Facebook Live to address concerns about the hack.
“We have not abandoned you guys,” he said.
He explained that an employee’s computer was compromised in the attack. He added that “forensic analysis” involving local and international authorities was taking place, but did not expand on which specific agencies were involved when asked by the BBC.
The company was heavily criticised by its users who commented in droves on Facebook. Communications were complicated further when a spoof Facebook page for the company was set up and spreading disinformation about the breach.Security issues involving Bitcoin and other related services are a frequent cause for concern for virtual currency traders.

Other recent controversies involving digital currencies include:
the firm behind digital currency Tether said that close to $31m (£23.4m) worth of its tokens were stolen
a “code bug” in Ethereum’s digital wallets being blamed last month for freezing more than $150m worth of Ether, preventing investors from being able to cash out a South Korean exchange, Bithumb, saying that one of its employee’s PCs had been hacked in June. Several of its customers reported follow-up scam calls
another South Korean exchange, Yapizon, being breached in April. Reports have said North Korean hackers are suspected of stealing about $5m worth of funds an Israeli crypto-currency trading company, CoinDash, reporting that $7m was stolen from investors in July after its website was breached and an initial coin offering’s contact address altered

 

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  • Bitcoin Scam Report

    A study conducted by the University of Luxembourg Faculty of Law, Economics, and Finance, has concluded that the majority of initial coin offerings (ICOs) fail to provide critical information to investors.
    The study, titled “The ICO Gold Rush: It’s a Scam, It’s a Bubble, It’s a Super Challenge for Regulators,” seeks to provide a “taxonomy of ICOs to facilitate thinking clearly about them, analyze the various regulatory challenges they pose, and suggest the first steps regulators should consider in responding to” the ICO industry. The University examined over 150 ICOs whilst gathering its findings.

    The report concludes that “At the moment, many ICOs are offered on the basis of utterly inadequate disclosure of information,” and as a consequence, “the decision to invest in them often cannot be the outcome of a rational calculus.”

    The findings state that “Only 28.5% of the ICOs in our sample mention the law applicable to the ICOs”, and that “In 69% of the cases there is no information at all as to the regulatory status of the ICO.” The study adds that “Almost all ICOs rely on legislative loopholes or, more accurately, what the issuing entity hopes (or prays) is a loophole or grey area.”

    The Analysis Concludes that “ICOs Will in Many Cases Raise Consumer Protection Issues”

    • ICO Scam Report

      Alongside an absence of key legal information, the study also finds that many ICOs fail to provide investors with important information relating to the proposed operations of and entities behind initial coin offerings. The findings state that “25% of the… white papers do not offer any description of the project’s financial circumstances, i.e. nothing about how the capital collected is to be used and in what stages, etc, and that “21% of… white papers do not provide any information at all about the initiators of backers.” The study also finds that 43% of the analyzed ICO whitepapers did not provide “valid postal contact details,” and that “20% failed to provide “any information at all about the issuing entity.” The University states that more than 90% tokens cannot “be put to use; the rest are merely up for trading, indicating purely speculative instruments.”

      The study concludes that the lack of legal information provided by many ICOs is a consequence of initial coin offerings “frequently [being] structured to avoid existing legal and regulatory requirements.” Although the paper concedes that some ICOs’ poor legal documentation can be attributed to the lack of knowledge possessed by “the stereotypical crypto-geek about legal or other requirements,” the findings conclude that many ICOs are intentionally trying to create legal ambiguity in order to exploit legislative loopholes and grey areas.

      What is your response to the University of Luxembourg’s findings? Share your thoughts in the comments section below!

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  • Sell Bitcoin

    Sell Bitcoin Ahead Of Futures Launch Says Algorithmic Expert

    Dec. 8, 2017 4:44 PM • COIN

    Summary

    Sunday’s launch of Bitcoin futures is the first opportunity institutional investors will have to sell.
    It is unclear what will happen, but what is clear this is an unknown event.
    Algorithmic trading systems typically get flat ahead of statistical outliers.
    As the debate over the legitimacy of bitcoin rages, most of it might not matter. On Sunday bitcoin futures will start trading on the CBOE, which will immediately inject a degree of institutional legitimacy into the product.

    That advent of listed derivatives to bitcoin will be meaningful from several perspectives. But most materially for traders, now might be a good time to sell based on my algorithmic analysis. Here is why.

    Bitcoin algorithmic analysis has been challenging if not impossible due to the lack of institutional players
    Providing algorithmic analysis on top of bitcoin has been relatively difficult, if not impossible – until Sunday, that is. Because institutional traders – in particular, global market makers who arbitrage the price to keep it consistent – generally haven’t been in the market. This was most recently put on display Thursday, when the price of bitcoin in South Korea was 23% higher than it was around the world.

    To algorithmic traders, such wide spreads between markets is often a sign of an immature market, one where institutional investors have not arrived… yet.

    Institutional investors can move bitcoin markets with a shrug
    Currently, 40% of the bitcoin market is owned by just 1,000 individuals, according to a Bloomberg report which noted:

    A few massive investors can rock it with a shrug.” The article went on to note that the “few hundred guys” that drive bitcoin pricing “probably can call each other.

    In an unregulated, global cash market, collusion on positioning among major players is a realistic possibility that anyone trading bitcoin must consider.

    The low dispersion of ownership percentage is likely wetting institutional investors’ appetite as they are likely to reshape these markets to their liking – and the resulting price action will reflect this in specific ways should it occur.

    When institutional investors do arrive, bitcoin will be analyzed from an algorithmic standpoint just like any asset.

    For one, the nearly parabolic price rises are likely to become more muted. With institutional players, I would expect to see a more rationale regarding price movements that go beyond the logic that currently exists, one that comports with their ability to lay off risk and create a delta neutral portfolio position.

    But perhaps most importantly, institutions and their algorithms are going to drive prices. The same organizations that drive prices of currency, agricultural and financial products will now use basically the same formulas with bitcoin. It is logical to think institutions are likely to become the predominate traders of bitcoin, particularly after the CMEGroup launches their contracts, followed by NASDAQ and Cantor Fitzgerald.

    While there is very little if any detected collusion among major institutional players in listed derivatives, it should be noted that many of the trading and market making algorithms operate on a generally consistent set of core principles. While all algorithms are confidential, as someone who has written a few books in the space, taught a course and has consulted on algorithmic strategy, it is my observation that algorithms are generally considering factors regarding beta market environment analysis for momentum, volatility and relative value properties. How these factors play into a formula is going to vary, but generally speaking, I have yet to run into an algorithmic trading firm that doesn’t consider these factors in how they make markets or even directionally trade them.

    So what does this mean for bitcoin traders today?

    Take profits in bitcoin for these three reasons: Sunday’s futures launch is an unknown event, mean reversion after a strong price run-up is possible, institutional investors could flex their muscles
    I would be selling into Sunday’s introduction of futures by the CBOE for several reasons.

    First, there is an algorithmic trading concept called ambiguity aversion. Traders often look at market events and categorize them based on their assumed potential volatility impact. You can see this in how algorithms price individual stock options just prior to an earnings announcement: the volatility premium is significantly higher than after the announcement.

    Algorithmic traders map known events on a calendar and trading is adjusted accordingly. Often times these events are categorized based on the known reaction. Friday’s jobs report, for instance, had a high known reaction because there is significant past statistical evidence on what happens when certain numbers are announced. This is a known event.

    The impact of Sunday’s launch of bitcoin futures is not known. What is known, based on press reporting, is that institutional investors have expressed an interest in selling bitcoin when given the opportunity. I’m not saying this is a fact, just pointing out that if an algorithm were scraping public news sources and connecting dots between bitcoin and institutional investors, speculation around their selling or otherwise dismissing the cryptocurrency has been rife.

    It doesn’t matter if Sunday’s launch of bitcoin futures brings out buying or selling, what is clear is that it is an unknown event. Algorithmic systems typically favor flat positioning against ambiguity. Further, some traders who have been long bitcoin might do well to get to the sidelines ahead of the unknown event, as they have profited significantly already.

    The second reason one might sell bitcoin ahead of Sunday’s launch is that, from an algorithmic standpoint, the market looks like it could incur some mean reversion at this point. I provide this analysis with some hesitancy because applying my standard algorithmic framework over bitcoin is challenging because it has not been institutionally traded in the past. That said, just looking at standard price deviation analysis from October alone, there is a possibility the price could experience a degree of reversion.

    The third reason those long bitcoin might want to sell coming into Sunday’s launch is due to the fact that sometimes it’s just better to protect significant profits during times of uncertainty rather than hope for small incremental gains. There is potential bitcoin could rise in value after Sunday’s introduction of futures contracts. But the ability to buy has always been present.

    What is new about this Sunday is that the futures contracts offer institutions the opportunity to sell. Institutions can most certainly push this market around as they wish, and it wouldn’t surprise me one bit if they put on a display of this power starting Sunday.

  • We are CryptoJackers

    In a process called cryptojacking, cyber criminals are taking over networks and computers to put them to use in mining the cryptocurrency and others like it.

    Among recent high profile targets was a public Wi-fi at a Starbucks, where suspicious code was found that turned visitors’ devices into money makers for crooks.Cryptojacking is defined as the secret use of your computing device to mine cryptocurrency.

    It used to only happen when a victim unknowingly installed a malware program that covertly mines cryptocurrency.

    In-browser cryptojacking uses JavaScript code, used to run most websites, on a web page to mine for cryptocurrencies.

    That means the malicious code responsible for in-browser mining loads when the web page is accessed.

    If the mining is being limited to stay below a certain threshold, you may not even notice it’s happening.

    But if the mining is not being throttled, you will likely notice some impact on performance.

    Many users who have been hit notice slower speeds, usually caused by a drain on their CPU.

    You may also notice cooling fans on laptops and desktops whirring up to high speed to compensate for the jump in activity. He discovered that anyone who connected to the store’s hotspot was at risk of having their gadgets put to work mining Monero, another digital currency.

    Writing on Twitter, he said: ‘Hi @Starbucks @StarbucksAr did you know that your in-store wifi provider in Buenos Aires forces a 10-second delay when you first connect to the wifi so it can mine bitcoin using a customer’s laptop?

    ‘Feels a little off-brand.’

    Starbucks was quick to respond and took action with a third party Wi-fi supplier to remove the malicious code.

    A spokesman said: ‘We want to ensure that our customers are able to search the internet over Wi-Fi securely, so we will always work closely with our service provider when something like this comes up.

    ‘We don’t have any concern that this is widespread across any of our stores.’ Cyber-security experts say they have seen a spike in cryptojacking, which can slow down your computer, in recent months.

    Cryptojacking is defined as the secret use of your computing device to mine cryptocurrency.

    It used to only happen when a victim unknowingly installed a malware program designed for the task.

    In-browser cryptojacking uses JavaScript code, used to run most websites, on a web page to mine for the digital money.

  • scam report

    This is a scam

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