back to article NiceHash diced up by hackers, thousands of Bitcoin pilfered

Cryptocurrency mining market NiceHash says it has fallen victim to a hacking attack that may have resulted in the loss of its entire Bitcoin wallet. The marketplace, where users can buy and sell their computing cycles to mine cryptocurrency, issued a statement Wednesday afternoon confirming that it had indeed fallen victim to …

  1. Phil W

    Extremely unfortunate but I have little sympathy for those who have thousands of dollars worth of Bitcoin waiting to be paid out, if you're mining enough to be bringing in that kind if amount then you should be experienced enough with cryptocurrency to accept risks like this, and perhaps mitigate your risk by spreading your mining power around a bit.

    I've used Nicehash myself in the past but for amount that worked out to at most tens of Pounds a week.

    1. Anonymous Coward
      Anonymous Coward

      "NiceHash diced up by hackers, "

      Netcraft says it runs Linux. As per usual when something internet facing is hacked.

      1. Anonymous Coward
        Anonymous Coward

        As per usual when something is internet facing.

        FTFY!

        To be fair I'm sure the "their own fault for badly configuring it" excuses will be along in a minute. I just don't get why that excuse cuts no mustard on windows...

        1. teknopaul

          Re: As per usual when something is internet facing.

          To late for that kind of FUD. You lost ages ago.

        2. NonSSL-Login

          Re: As per usual when something is internet facing.

          To be fair I'm sure the "their own fault for badly configuring it" excuses will be along in a minute.

          The updated info is that one of their employees was phished by email with malware and that was the starting point for the intrusion. No linux servers hacked or badly configured. After lateral movement through the network, the credentials needed to login and move the coins was found.

      2. Zippy's Sausage Factory

        Netcraft says it runs Linux. As per usual when something is internet facing.

        FTFY

        PS @Anonymous Coward, how's the weather in Redmond today?

      3. NonSSL-Login

        Netcraft says it runs Linux.

        Probably find rather than the web server being hacked directly, workers running Windows machine were phished with nasty emails containing the malware that gave entry to their network or credentials needed to steal the BTC.

    2. MyffyW Silver badge

      Current situation seems to be a perfect storm of risky exchanges and (relatively) long lead times between asking to sell and the transaction completing.

      And I still don't understand what problem a crypto-currency is actually solving for me: the only-slightly-paranoid (and very occasional) purchaser of politics, polemics and handbag-friendly phalli.

      1. Anonymous Coward
        Anonymous Coward

        "And I still don't understand what problem a crypto-currency is actually solving for me"

        It doesn't solve any issue unless you're a criminal - then you can make (in theory) untracable transactions. For everyone else its either just a very risky investment vehicle or simply a way of trying to have a finger on the pulse of what they've been told the future will be. Personally I don't think non government cryptocurrencies will ever be big enough to threaten major governments tax income or currencies because if any of them did they'd find themselves the victims of a vicious stuxnet like cyber attack. Bitcoin might be encrypted but even encrypted data can be trashed and made worthless. Do that to enough wallets and its bye bye confidence in bitcoin.

        1. Mike 125

          >>It doesn't solve any issue unless you're a criminal

          Or a gambler.

      2. inmypjs Silver badge

        "And I still don't understand what problem a crypto-currency is actually solving for me:"

        Helps to avoid the law and taxes.

    3. The Man Who Fell To Earth Silver badge
      WTF?

      OK, I'll bite

      OK, I'll bite. Don't these organizations keep their "main wallet(s)" offline, and only a "working wallet(s)" connected to the internet, and only connect the "main wallet(s)" to the internet periodically and just long enough to sweep coin to/from the working wallet(s) to keep operations working? That would cut down the attack surface for the main wallets. You might even have a pipeline of such mainly offline wallets to pass through for greater isolation of the main wealth. That would pretty much be the cyber coin version of what any normal business would do with conventional accounting/banking practices - compartmentalize the working bank accounts for collecting accounts receivables, paying bills, paying payroll, paying taxes, etc, separate from the accounts for accumulating/investing profits/whatever.

      1. Anonymous Coward
        Anonymous Coward

        Re: OK, I'll bite

        "and only a "working wallet(s)" connected to the internet, and only connect the "main wallet(s)" to the internet periodically and just long enough to sweep coin to/from the working wallet(s) to keep operations working?"

        Iran had its nuclear enrichment facility control systems air gapped. It only took 1 USB stick to let stuxnet loose on it. You think these bitcoin exchanges would do any better? If a powerful nation state wanted to destroy bitcoin or at least make it worthless, then IMO it could.

        1. BrianW

          Re: OK, I'll bite

          The US Gov't could crash it simply by dumping the bitcoin they confiscated from Silkroad.

      2. vogie563

        Re: OK, I'll bite

        I am not very block chain savvy but I think you do at least at certain intervals need to sync your wallet with the block chain to keep things current, the longer it's offline maybe the longer the math takes to sync?

        Some wallets you need a separate password or private key to cash out or make transfers to other wallets. I wonder how well they protected the keys to the wallet or how many steps they built to make large transactions.

  2. Lee1ms

    Nice of El Reg to give me a shout out in the post. Will be used as bragging rights in the office.

    1. Anonymous Coward
      Anonymous Coward

      @Lee1ms

      You're going to brag that you've been conned out of $4300? Wierd sense of value you have there!

      1. Scoured Frisbee

        Assume he meant "after reader Lee Reeve"...

      2. 's water music
        Happy

        You're going to brag that you've been conned out of $4300?

        No, silly, he wishes to brag that he is so efficient that he completes his allocated work by 0930 each day and spends the rest of the day on el reg comments

        1. Lee1ms
  3. Anonymous Coward
    Facepalm

    Entire contents of bitcoin wallet pilfered?

    How does the contents of a digital wallet get 'stolen'?

    1. foxyshadis

      Re: Entire contents of bitcoin wallet pilfered?

      Everything in it gets transferred to some other anonymous wallet. There is no undo button.

      1. Anonymous Coward
        Anonymous Coward

        Re: Entire contents of bitcoin wallet pilfered?

        Every crypto-ripoff just makes "owning" some bitcoin that much more edgy.

        All the cool kids are doin' it...

        1. Haku

          Re: Entire contents of bitcoin wallet pilfered?

          *checks wallet, sees 0.02 BTC*

          Hey everyone, look at me, I'm all edgy!

        2. Cynic_999

          Re: Entire contents of bitcoin wallet pilfered?

          "

          Every crypto-ripoff just makes "owning" some bitcoin that much more edgy.

          "

          Sure, just like every credit card scam makes owning a credit card that much more edgy. Or a PayPal account. Or cash notes. Or ...

          You can keep an encrypted BTC wallet offline on a memory stick (plus a few backup copies) and it's pretty difficult to get ripped off. However if you forget your wallet password or get run over by a bus without letting anyone else know the password, the money is effectively lost.

    2. d3vy

      Re: Entire contents of bitcoin wallet pilfered?

      As I understand it the "money" is never actually in your "wallet" which is in reality just a public/private key pair and a unique address.

      The value "in" the "wallet" is determined by scanning the block chain which is essentially a ledger holding all of the transactions since the beginning of time.

      So to steal coins from a wallet all you need is access to the public private key of the target wallet and then you can sign transactions on the block chain stating that the victim has authorised the transaction... Once it's done and added to the block chain it's no longer allocated to your wallet so it's gone.

      I might be wrong but that's how I understand it.

  4. emmanuel goldstein

    Exit scam. "We're down for maintenance" is posted on the front door whilst the admins sneak out of the back with all the coins. This is *exactly* what happened with TradeRoute.

    1. Asylum_visitor

      This was exactly my thought too, perfect exit strategy when the ponzi has hit its peak :)

  5. Oh Homer
    FAIL

    Mugs game

    This is just one of the many reasons why I will never go anywhere near craptocurrency.

    1. Warm Braw

      Re: Mugs game

      There are more fundamental reasons to avoid them. Law of unintended consequences...

      1. Cynic_999

        Re: Mugs game

        And how does the energy needed to create BTC compare to the energy needed to create paper notes and coins? Both paper and metal require a LOT of energy to produce, and that's before factoring in the energy needed to print & shape it into notes & coins.

    2. werdsmith Silver badge

      Re: Mugs game

      "This is just one of the many reasons why I will never go anywhere near craptocurrency."

      I mined BTC for 12 months a few years back. Then after the price went up a bit I took most of it out and took the family on a nice holiday to USA with the money. Since then the little bit that I left in there has become worth more than I took out to pay for the holiday.

      Yeah, real mug, me.

  6. Aristotles slow and dimwitted horse

    An updated maxim...

    Supposed experts and their Bitcoins seem very easily parted.

  7. Anonymous Coward
    Anonymous Coward

    Another

    Nice Hash you've gotten me into, Stanley

  8. <BLINK/>

    Nicehack

  9. WibbleMe

    You seriously had just one wallet.

    Well could't you do things like a proper bank and keep peoples money stored in the form of gold bullion... of wait. lol

    1. Phil Kingston

      As I understand it, sterling isn't supported by gold anymore (Brown sold it all) so the currency is propped up by government bonds. Which are essentially worth nothing more than the computer that tracks them.

      And equally, no one's seen the gold in Fort Knox for years either.

      Crypto currency ain't that far removed from traditional currency in terms of what underpins them.

  10. 101

    Move on, move on, nothing to see here....

    ...literally.

    Poof!

    It will be this way until bitcoin dies for good. It's not money, it's not an investment, it's not an asset....it's a stupid computer game, and you can't beat the house.

    1. Anonymous Coward
      Anonymous Coward

      Re: Move on, move on, nothing to see here....

      What house?

      1. Solarflare

        Re: Move on, move on, nothing to see here....

        Our house, of course. And in case you're wondering, it is located in the middle of our street.

        1. #define INFINITY -1

          Re: Move on, move on, nothing to see here....

          This is Madness!

        2. Michael Thibault

          Re: Move on, move on, nothing to see here....

          So, that would be your castle and your keep, would it?

    2. Cynic_999

      Re: Move on, move on, nothing to see here....

      "

      It's not money, it's not an investment, it's not an asset....it's a stupid computer game, and you can't beat the house.

      "

      You could say exactly the same about fiat currency. Except the over-production of cryptocurrency does not depend on the whims of a government.

      1. Anonymous Coward
        Anonymous Coward

        Re: Move on, move on, nothing to see here....

        But everyone does get to vote, at least in some democracies.

  11. Anonymous Coward
    Anonymous Coward

    When you see BitCoin being discussed on Mumsnet ...

    you know something is going to go wrong.

    1. Anonymous Coward
      Anonymous Coward

      Re: When you see BitCoin being discussed on Mumsnet ...

      You realise it's time to get back to work?

  12. svermaak

    Payout value

    I will only continue to use them after this if they lower the payout value

  13. Anonymous Coward
    Anonymous Coward

    That's another new Russian 'oligarch' that will be buying a football club - a cheap one, anyway..

    1. Rich 11 Silver badge

      That's just about enough for Aston Villa. And he's welcome to it.

  14. nagyeger
    Meh

    Don't understand

    I thought the whole point of the block chain was that everyone can (has to) verify that block X went to wallet Y, and therefore the transaction is verifiable.

    Surely there ought to be a mechanism to undo that? At least partially, even if there's no roll-back due to other transactions, shouldn't the receiving wallet(s) be marked as criminal and so blocked, etc, by all miners everywhere?

    1. Anonymous Coward
      Anonymous Coward

      Re: Don't understand

      .Surely there ought to be a mechanism to undo that? At least partially, even if there's no roll-back due to other transactions, shouldn't the receiving wallet(s) be marked as criminal and so blocked, etc, by all miners everywhere?

      "

      Still not quite understanding myself BUT

      I think once it gets another transaction tagged on, then backing up is more problem than anything.

      Hence "Maintenance", then 2 days later "Oh look, someone stole them and we cant backtrack"

      If Mt GOX had fessed up within minutes / hours, someone would have been able to call "FRAUD" quite quickly

      1. d3vy

        Re: Don't understand

        "Still not quite understanding myself BUT

        I think once it gets another transaction tagged on, then backing up is more problem than anything."

        As I understand it each new block added with a one way hash which incorporates the hash of the last block... So once more than one block I added you could only roll back by undoing EVERY transaction that took place between the hack and now.

        You'd also have to get consensus (at least a sizeable majority) from the network to do the rollback and realistically that's not going to happen.

    2. d3vy

      Re: Don't understand

      "shouldn't the receiving wallet(s) be marked as criminal and so blocked, etc, by all miners everywhere?"

      I suspect that unlike the victims in this case the miscreants have more than one wallet a few hops and that money's gone, you can mark the original wallet as fraudulent all you want but that's fine as it was likely a throwaway used simply to insure the final destination.

      "I thought the whole point of the block chain was that everyone can (has to) verify that block X went to wallet Y, and therefore the transaction is verifiable"

      If the keys to the victims wallet were compromised then the transactions will have been signed and verified and then added to the block chain. At that point the money is gone..

  15. anthonyhegedus Silver badge

    I still don't see what problem a cryptocurrency is trying to solve. My limited understanding of blockchain tech is that is can be useful for decentralising transactions, but if your bitcoins can be stolen that easily, what's it all for? It seems that the value of bitcoins isn't actually tied to anything tangible. It's only of value because people say it is. I know that's how normal currencies work, but they're usually tied to something physical, like gold reserves, or a country with physical assets.

    Bitcoin seems only of use for criminal activity, hipster coffee shops and getting stolen.

    1. Anonymous Coward
      Anonymous Coward

      That's exactly the point.

      There is no way you will get an investor for stuff that actually has intrinsic value, but make it opaque and put a good spoonful of marketing BS over it and they will fall over themselves to hand you money (or launder theirs, because that's what I'm starting to think when I look at the crud that gets investment).

      The amount of investors that I have come across that are blockchain-obsessed is staggering, especially because none have any competence in the subject matter. The only thing that makes me interested in blockchain is that it offers ways to make an audit record inviolable, but for money? No thanks.

      1. handleoclast
        Coat

        The amount of investors that I have come across that are blockchain-obsessed is staggering, especially because none have any competence in the subject matter.

        Time for a new craptocurrency. Dunning–Kruger Coin (DKC). It mines stupidity.

        1. Phil O'Sophical Silver badge

          Dunning–Kruger Coin (DKC). It mines stupidity.

          There's a bit of a glut on the market for that commodity

      2. Anonymous Coward
        Anonymous Coward

        Right,

        Because you wouldn't want a money, of all things, to have an inviolable audit record.

    2. Prst. V.Jeltz Silver badge

      ". I know that's how normal currencies work, but they're usually tied to something physical, like gold reserves, or a country with physical assets."

      myeah , Thats the theory , but at the first sign of trouble that goes out of the window with borrowing or just plain counterfeiting Quantative Easing

    3. Blank Reg

      That's right, cryptocurrencies are neither FIAT nor commodity currencies. They only have value because people (speculators) think that they have value. Or more correctly, because they think others think they have value. They are intrinsically worthless except for those needing to transfer their ill gotten gains without the authorities being able to see what is going on.

      1. Cynic_999

        "

        They only have value because people (speculators) think that they have value.

        "

        So, completely unlike those bits of coloured paper and plastic you get from an ATM.

        1. Blank Reg

          Actual currency is backed by a government that can take action to stabilize the currency. Sure there have been a few cases of such currencies plummeting, but usually, there is something catastrophic going on.

          There is nothing stopping a cryptocurrency from going to 0. In fact, I'm sure there are some that would like to drive them down just to profit off the idiots all over again.

      2. Anonymous Coward
        Anonymous Coward

        That's right, cryptocurrencies are neither FIAT nor commodity currencies. They only have value because people (speculators) think that they have value.

        What, like a shark in a tank or an unmade bed? I reckon there's art in both, as in the art of fleecing the gullible.

  16. HamsterNet

    Here you go

    The hackers clearly got access to nicehash payment systems and transferred everything out of it.

    You can see the crims wallet at

    https://bitinfocharts.com/bitcoin/address/1EnJHhq8Jq8vDuZA5ahVh6H4t6jh1mB4rq

    No withdraws yet, but a few minor additions to the account.

    The difficulty for the hackers is now cashing out as everybody is now watching this account.

  17. Prst. V.Jeltz Silver badge
    Paris Hilton

    forgive my ignorance .... How do wallets work?

    If I have one of these things on my hard drive , and a burglar takes the machine - he now has access to my wallet?

    what if I have a copy? now 2 people have the wallet.

    do they have passwords on them?

    Seems to be a lot of them getting stolen.

    1. Anonymous Coward
      Anonymous Coward

      The money is not in the wallet

      The money is on the blockchain, which is everywhere. You don't steal the money. You steal the secret which enables you to change the record of the money, and assign a new secret to it.

      A "wallet" in this context is essentially a HW or SW device to keep the secrets and a record of which coins the secrets protect, and possibly some logic to submit transactions to the blockchain system.

    2. Speltier

      mutiple identical wallets

      Whichever wallet transfers first and is accepted on the blockchain wins. All other wallets lose. The simplest case is all coins transferred, a bit more complicated for fractional coins but a greedy perp will take it all. There is quite a bit of complexity involved in the special case of a "race condition" to win a transfer on the blockchain since the ledger is distributed (surely you don't believe in timestamps hahaha).

      A smart perp will take just a little bit and hope no one notices... no one notices... no one notices... after all anyone ignorant enough to keep the whole stash in one place probably doesn't have decent audit controls (and even so may not notice yet another person embezzling a tad off the top). The risk is having some other perp will clean out the wallet, the owner will then start wailing and improve security (or go bust, same result in this case) which won't help the smart perp's monthly payment for the London flat.

  18. 404

    Guy in overalls asked me about Bitcoin mining...

    ... had a bluetooth device attached to his ear and I told him then it could be sketchy. That made him smile for some reason. Gave him a bunch of information about BT and how to mine them using different types of specialized miners etc.

    Haven't seen him since but I *know* there is a barn somewhere out in the woods with a 3 phase backup generator where a huge propane tank used to be, and racks of miners where the stills used to be inside.

    :|

  19. Anonymous Coward
    Anonymous Coward

    Got your piece of the Pai?

    So, this wonderful blockchain thingie . . . will it end up being essentially useless with the demise of "net neutrality?

  20. The Mighty Biff

    Are NiceHash liable for this?

    If not, why not? This is a genuine question. Since they're looking after millions of <insert currency here> and it looks like a security botch up at their end, an ignert fool like me might expect they'd be on the hook for this.

    The whole cryptocurrency market / exchange field seems to be another layer of enigma wrapped inside the mystery that is blockchain mania at the moment.

    1. Speltier

      Re: Are NiceHash liable for this?

      If they had a decent lawyer, the EULA probably says: "you hold us harmless for anything that happens to your btc while the btc is in our care" plus "anything bad happening is your fault, and you will pay our lawyers to defend us against you" (and if this is US, probably an additional arbitration clause saying the arbitration is in Elbonia or East Texas). Of course, all this is said using 80 screens of 8point lawyerese that almost no one reads, and of those that read the text, practically none of them understand what it says since they are blinded by the glittering btc riches beckoning them.

  21. Anonymous Coward
    Anonymous Coward

    Fake money

    Quite frankly, fuck the lot of them for being so silly as to put real money into this.

    As I've said time and time again, anyone who believes in, or invests in an unregulated virtual currency with no backing, guarantees or protection is an utter idiot.

    Tell me the last time my real bank was hacked and money was taken from my account? Oh, wait. Never.

    Bitcoin will stay with us for years yet, but it will never become an accepted form of currency other than within silly hipster companies and organised crime groups.

    The doubeplus good side to this is that there are now some very angry OCGs out there who've just lost a lot of drug money.

    1. Anonymous Coward
      Anonymous Coward

      Re: Fake money

      I lost a $20 note with a picture of Andrew Jackson on it recently. To my dismay, it turns out that it had no backing, guarantees or protection. I feel like an idiot for putting my faith in it.

      Oh, what the fuck. It probably had cocaine residue on it anyway. Or is that only true of the bills with Fanklin's face?

    2. Anonymous Coward
      Anonymous Coward

      Re: Fake money

      "Tell me the last time my real bank was hacked and money was taken from my account? Oh, wait. Never."

      Don't need to be hacked. A crisis of confidence will do it just as well. Plus it's not your money, it's the banks money, you're just a creditor of the bank. It's not like there is a pile of banknotes/gold bars marked "property of AC" in a vault somewhere.

      When RBS and Northern Rock went bankrupt, which in theory meant that all their depositors (and shareholders) lost all their money, instead the kind UK government stepped in and spent 25 grand for every person in the UK to ensure the banks stayed open.

      "The doubeplus good side to this is that there are now some very angry OCGs out there who've just lost a lot of drug money."

      It's a marketplace for hashing power. Miners and people who buy mining power are the ones who've lost money.

      1. Cynic_999

        Re: Fake money

        "

        When RBS and Northern Rock went bankrupt, which in theory meant that all their depositors (and shareholders) lost all their money, instead the kind UK government stepped in and spent 25 grand for every person in the UK to ensure the banks stayed open.

        "

        No, what the government did was to take a little bit from everyone in the UK to fund the bailout - a sort of involuntary crowdfunding. Governments can take your money overtly in taxation, but they can also take it covertly by simply printing more money out of nothing, in which case you think you still have the same money as you had before, but in fact it is worth less, with the government effectively pocketing the difference.

        1. Richard 12 Silver badge

          Re: Fake money

          All banks create money by lending it - they didn't have the cash for my mortgage. It's called "gearing".

          It's then destroyed again as the loan is repaid.

          The central banks can also do this on a larger scale.

          Inflation is the measure of the effect this has on the cash in your pocket.

          The mechanical difference between fiat currencies and BTC (etc) is that BTC is designed to be deflationary - it's created at a slowing rate until it hits the cap, and thus is supposed to get more valuable as time goes by.

          Deflation is bad because it encourages people to hoard the currency instead of spend it.

          It also means it's a bubble. Eventually the rate-of-creation gets too low for mining to be worthwhile, which makes confirming transactions uneconomic, which means transactions take too long or never happen, which means poof.

    3. HamsterNet

      Re: Fake money

      BANKS ARE HACKED ALL THE TIME.

      If you are in IT please go back to school.

      June http://www.bbc.co.uk/news/technology-40728447 with 400,000 customers done over.

      October https://www.theregister.co.uk/2017/10/11/hackers_swift_taiwan/

      That's just the first two google results of thousands.

  22. herman Silver badge

    Occam's Razor tells me it was simply the owners of NiceHash that ran off with the cash.

    1. inmypjs Silver badge

      "ran off with the cash"

      Or an inside job at least. Untraceable $60 million you can steal by tapping a few keys? Likely very little interest from the FBI or police. Too tempting.

      1. razorfishsl

        it is NOT untraceable, EVERY transaction in bitcoin is traceable

        That is how it works.

  23. vogie563

    Are any of these organization insured like banks or is theft a total loss to the account/wallet holder if the bit coins cant be recovered?

    1. Richard 12 Silver badge

      Total loss, of course.

  24. razorfishsl

    sorry I have great difficulty believing this was an "accident".

    They had all the bitcoin in a single account under a single password.

    With on "cold storage", it just smells of Bollox.

  25. Anonymous Coward
    Anonymous Coward

    I hate banks, they're organised, legalised crime gangs...

    ....but have to admit I don't live in fear of my bank account being stolen and me losing my money.

    computers + security + digital wallet....what could possibly go wrong!

    1. Cynic_999

      Re: I hate banks, they're organised, legalised crime gangs...

      "

      ....but have to admit I don't live in fear of my bank account being stolen and me losing my money.

      "

      But it happens. Google "identity theft".

      IMO there is less chance of a crook getting physical access to one of the USB sticks that hold my BTC wallet and then cracking the password than there is of a crook getting hold of enough information to make a fraudulent online debit card transaction from my bank account.

  26. pop_corn

    Bitcoin is basically a Ponzi scheme

    The only way investors who already have bitcoins can get their money out, is when new investors put their money into the scheme. That's the definition of a Ponzi scheme.

    Everyone's rushing in because the returns are amazing at the moment, which is pumping more money in at the bottom.

    Eventually however you'll run out of new investors (people buying bitcoins), and existing investors will want their money out but won't be able to find new buyers, and the price will crash. Simples.

    1. Cynic_999

      Re: Bitcoin is basically a Ponzi scheme

      "

      The only way investors who already have bitcoins can get their money out, is when new investors put their money into the scheme. That's the definition of a Ponzi scheme.

      "

      No, a Ponzi scheme relies on several people putting in money to pay out one person in the tier above, thus it requires more and more people to participate and can never be sustained. Bitcoin is like an investment in physical goods such as gold or diamonds. If you invest in diamonds, the only way you can get your money out is when a new investor pays money to buy them.

  27. Aodhhan

    Yeah, sure, right...

    Probably another scam where they hacked themselves and hid the money away to be retrieved later.

    It doesn't make sense for a business to have an outward facing wallet containing a companies entire cryptocurrency capital. A company will typically 'bleed' the outward facing wallet into a central wallet which isn't available to the world. Much like a store will bleed the cash out of all of their registers and put the money into a safe until they deposit it into a bank.

  28. captain_solo

    That's a NiceHash you've got there, be a shame if something happened to it.

POST COMMENT House rules

Not a member of The Register? Create a new account here.

  • Enter your comment

  • Add an icon

Anonymous cowards cannot choose their icon

Other stories you might like