Talk for Article "NiceHash CEO speaks out after $60m cryptocurrency hack"

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  1. [ This comment is from a user you have muted ] (show)

    Linh,

    Great article on this! The fact that you also have a Redditor who’s lost out as well as Q&A from the CEO is certainly shedding some light on the whole incident. I’m interested to see how NiceHash is planning on repaying or making it right for their clients. They may end up with a new one as well!

    1. [ This comment is from a user you have muted ] (show)

      Thanks Joel!

  2. [ This comment is from a user you have muted ] (show)

    It would be good to hear from some of those who have lost out through this. We are only hearing what the company intends to do – do the defrauded users have faith in this? Do they question how a hack is possible without it being an inside job? If it was otherwise do they doubt the security of the whole bitcoin system?

    1. [ This comment is from a user you have muted ] (show)

      The blockchain is the system behind bitcoin.

      AFAIK, it was this company’s computers that were hacked rather than the blockchain. Presumably, they stole the keys to some bitcoin wallets, and transferred the value to other wallets under their control.

      This begs the question, how do thieves launder the proceeds? The problem being that a bitcoin owner may be anonymous but the bitcoin itself is not, and can be traced. If they were to exchange the bitcoin for dollars, or buy goods with it, they may well expose themselves at that point.

      1. [ This comment is from a user you have muted ] (show)

        There is always the option to use bitcoin mixers https://en.wikipedia.org/wiki/Cryptocurrency_tumbler

        1. [ This comment is from a user you have muted ] (show)

          I’m really interested in this general question of “how hard is it to effectively convert a large quantity of stolen bitcoin into fiat currency” – mixers/tumblers are certainly a part of the answer, but I wonder if any of them are well-used enough to do something at scale.

        2. [ This comment is from a user you have muted ] (show)

          That might work, but would take a long time to launder $60m worth.

    2. [ This comment is from a user you have muted ] (show)

      Hi Herman, I have a couple of people who I’m in touch with that have lost on out because of the hack. I’m trying to get some answers from them. Thanks.

    3. [ This comment is from a user you have muted ] (show)

      Hi Herman, I’ve added some quotes from a user who lost out because of the hack. Hope they add some clarity.

  3. [ This comment is from a user you have muted ] (show)

    I like the Q&A method of revealing an interview. It makes the interview more authentic than when journalists write quotes into their story. For transparency, could you write more of the quote, provide a transcript, or make the interview appear less edited?

    1. [ This comment is from a user you have muted ] (show)

      Thanks CJ. If you scroll down to the ‘sources and reference,’ you can see the full transcript of the interview and an additional background information from the CEO.

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