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NiceHash pledges to return 4700 BTC, process starts in January

ItsMitch
By ItsMitch
in Tech News
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Posted

Source is coming from the email sent out from NiceHash

 

NiceHash is committing to refunding all its users who lost 4700 BTC in the hack which occurred 2 weeks ago in which resulted in about 80 million USD been stolen from hackers. I reported it a while ago but it died down. 

Here's the statement from NiceHash: 

PPVb5r5.jpg

 

 

Statement from their website:

 

 

Quote

 

4. How will you restore my old balance?

Now that the site is back online, you are free to lease, mine and make money once more. Our community is very important to us and given the loyalty of our users, we want to make sure that everyone is fully reimbursed for what happened. This has been under discussion since the day of the hack.

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.

Please also note that balances lower than 0.0001 BTC will be written off; apologies for any inconvenience.

We have considered a number of ways to help our community to cover the stolen funds and we feel that this is the most appropriate way to ensure that everyone is back in business as soon as possible.

 

https://www.nicehash.com/attack-learn-more

I'm fairly happy with how this has turned out, yes they fucked up and it'll haunt them forever. 

The NiceHash team went on to confirm that they'll be refunding the money back by January on Reddit. 

 

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Posted

I am curious on how NiceHash got the investors to agree. Do these investors believe they will be getting their money back?

My eyes see the past…

My camera lens sees the present…

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13 minutes ago, Zodiark1593 said:

I am curious on how NiceHash got the investors to agree. Do these investors believe they will be getting their money back?

if profits over a few years(or less) is higher then this fix, then it could seem like a good investment.

if you want to annoy me, then join my teamspeak server ts.benja.cc

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27 minutes ago, Zodiark1593 said:

I am curious on how NiceHash got the investors to agree. Do these investors believe they will be getting their money back?

They probably gave them something good in return. IE a percent of profit until they're paid off, something like that.

 

Nicehash is a very profitable business model. It's no surprise they were able to secure funds. Personally i'm never going back, i've found much more profitable ways to mine.

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40 minutes ago, potoooooooo said:

Nicehash is a very profitable business model. It's no surprise they were able to secure funds. Personally i'm never going back, i've found much more profitable ways to mine.

I still haven't decided what I will do, nicehash is just so easy which is the point. Just checking now to see if it's even working, app took ages to open and having to run benchmark. Actually just curious to see $/day figure compared to when I was last mining.

 

Edit:

Yep can't connect to any stratum servers using legacy 1.8 AMD client. 2.0 only supports Nvidia cards wtf.

 

Edit 2:

CPU mining on 2.0 also can't connect.

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48 minutes ago, The Benjamins said:

if profits over a few years(or less) is higher then this fix, then it could seem like a good investment.

thats a big IF. i imagine the hack made a lot of poeple lose confidence in nicehash and quite a lot wont be returning. i hope they know this $80mil is a lot of money to try and make back

🌲🌲🌲

 

 

 

◒ ◒ 

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Posted
1 hour ago, Zodiark1593 said:

I am curious on how NiceHash got the investors to agree. Do these investors believe they will be getting their money back?

 

41 minutes ago, potoooooooo said:

They probably gave them something good in return. IE a percent of profit until they're paid off, something like that.

 

Nicehash is a very profitable business model. It's no surprise they were able to secure funds. Personally i'm never going back, i've found much more profitable ways to mine.

 

6 minutes ago, Sierra Fox said:

thats a big IF. i imagine the hack made a lot of poeple lose confidence in nicehash and quite a lot wont be returning. i hope they know this $80mil is a lot of money to try and make back

 

Looks like they are 'Non-profit' until the lost money is paid back, which I guess that means it's reliant on people returning to the nicehash mining pools.

 

https://www.reddit.com/r/NiceHash/comments/7l5ehh/balances_will_be_repaid_and_the_payment_date_will/

 

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5 minutes ago, leadeater said:

 

 

 

Looks like they are 'Non-profit' until the lost money is paid back, which I guess that means it's reliant on people returning to the nicehash mining pools.

 

https://www.reddit.com/r/NiceHash/comments/7l5ehh/balances_will_be_repaid_and_the_payment_date_will/

 

Bit risky of them, they lost a lot of consumer trust when the breach happened, surely they don't expect people to come flooding back.

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3 minutes ago, SC2Mitch said:

Bit risky of them, they lost a lot of consumer trust when the breach happened, surely they don't expect people to come flooding back.

Not sure, only guessing because I can't think of another way to get the money back to people and the non-profit statement sort of backs that up. Investors simply won't allow their money to be used to pay people back like this because then there is no potential for a return on investment, they'll fund the platform but not the repayments. What if everyone walked away form nicehash after getting their money back and the whole thing folds.

 

Edit:

We'll be able to tell more on what's happening when the payment date is announced.

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Posted

Hell yeah. Will use nicehash again

▓ƆԀ▓ S▓₱▓Ɇ▓c▓s▓: i7 6ʇɥפᴉƎ00K (4.4ghz), Asus DeLuxe X99A II, GT҉X҉1҉0҉8҉0 Zotac Amp ExTrꍟꎭe),Si6F4Gb D???????r PlatinUm, EVGA G2 Sǝʌǝᘉ5ᙣᙍᖇᓎᙎᗅᖶt, Phanteks Enthoo Primo, 3TB WD Black, 500gb 850 Evo, H100iGeeTeeX, Windows 10, K70 R̸̢̡̭͍͕̱̭̟̩̀̀̃́̃͒̈́̈́͑̑́̆͘͜ͅG̶̦̬͊́B̸͈̝̖͗̈́, G502, HyperX Cloud 2s, Asus MX34. פN∩SW∀S 960 EVO

Just keeping this here as a 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Posted

Same here, my relationship with NH has been mutually profitable so I have zero issues using them again. 

 

Not seeing my old balance on my dashboard though, it only says zero. 

Oh well, it's only been a few hours.  If it's not fixed in a day or two, I'll send them an email.  Pretty sure they're quite busy right now (or finally getting some sleep).

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5 minutes ago, Captain Chaos said:

Same here, my relationship with NH has been mutually profitable so I have zero issues using them again. 

 

Not seeing my old balance on my dashboard though, it only says zero. 

Oh well, it's only been a few hours.  If it's not fixed in a day or two, I'll send them an email.  Pretty sure they're quite busy right now (or finally getting some sleep).

Try going here and entering your wallet address, my unpaid balance does show.

https://www.nicehash.com/miner

 

If it doesn't show use https://api.nicehash.com/api?method=stats.provider.ex&addr= which is actually how I checked mine.

 

Edit:

Can confirm dashboard doesn't show amount but API returns correctly.

{"result":{"current":[],"nh_wallet":false,"attack_written_off":0,"past":[],"payments":[],"attack_amount":"0.00240629","addr":"[removed]","attack_repaid":"0"},"method":"stats.provider.ex"}

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Yeah, same here, the API does show the amount but the dash doesn't. 

 

{"result":{"current":[],"nh_wallet":false,"attack_written_off":0,"past":[],"payments":[],"attack_amount":"0.00788406","addr":"[removed]","attack_repaid":"0"},"method":"stats.provider.ex"}

 

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Posted

I'm not a fortune teller but I'm sure nicehash has made more than 4700btc in their lifetime

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Well I'm trying to start mining again, and first the excavator server wouldn't load on 2.0.1.5., so I manually installed it. Then the start button doesn't work, so I tried benchmarking with the "start mining when done" checked, and once it finished it still isn't mining. Is anyone else having these issues?

 

Edit: on my other PC it's attempting to mine, but returns "No connection could be made as the target machine actively refused it". I take this to mean that although the web UI is up, the actual mining servers are purposely configured to refuse connections.

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2 hours ago, leadeater said:

I still haven't decided what I will do, nicehash is just so easy which is the point. Just checking now to see if it's even working, app took ages to open and having to run benchmark. Actually just curious to see $/day figure compared to when I was last mining.

 

Edit:

Yep can't connect to any stratum servers using legacy 1.8 AMD client. 2.0 only supports Nvidia cards wtf.

 

Edit 2:

CPU mining on 2.0 also can't connect.

Awesome miner + mining pool hub.

 

I'm making around double what i made with nicehash, and i can get paid in whatever i want.

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Just now, potoooooooo said:

and i can get paid in whatever i want.

Nice that is one of the things that really annoyed me about nicehash, BTC only.

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5 hours ago, potoooooooo said:

Awesome miner + mining pool hub.

Thanks, didn't like that you had to pay to use Awesome miner but mining pool hub has been the only pool service (other than nicehash) I've actually gotten to work properly directly with claymore. Worker logins and and reports back correctly, 56Mh/s Eth + 1700Mh/s SC :)

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10 hours ago, Yoinkerman said:

I'm not a fortune teller but I'm sure nicehash has made more than 4700btc in their lifetime

That.

60-80 million USD sounds like a freakish amount of money to us, as individual nerds. For NiceHash I'm guessing the amount is not actually loose change, but something along the lines of the cost of doing business. (UNLESS the whole cryptocurrency game board falls off the table between now and then. In which case ... )

 

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Posted

if they didn't I am pretty sure they would go out of business because they lost thousands of dollars, also I think it ironic how there is a good chance they are probably going to buy back a good few that were stolen.

 

thankfully the market has stayed about the same for the past few weeks mostly.

Ex frequent user here, still check in here occasionally. I stopped being a weeb in 2018 lol

 

For a reply please quote or  @Eduard the weeb me :D

 

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Are they expecting to increase goodwill by the amount they are giving back? In long term I see this move being very wise, but investors rarely wan't to gamble.

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15 hours ago, SC2Mitch said:

The NiceHash team went on to confirm that they'll be refunding the money back by January on Reddit. 

 

Yeah, not sure if something was lost in translation, but their official statement says they will announce the refunding date by the end of January ...

 

Quote

The exact date of reimbursement for old balances will be announced by January 31, 2018.

 

I'm on alternatives right now (including mining coins directly) so I'll wait before I go back to NH.

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  • Author
7 minutes ago, wkdpaul said:

Yeah, not sure if something was lost in translation, but their official statement says they will announce the refunding date by the end of January ...

 

 

I'm on alternatives right now (including mining coins directly) so I'll wait before I go back to NH.

It's weird how they say two different things in a official statement via email then one on it's website :thinking:

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