News has broken that hackers have stolen more than $60 million worth of bitcoin from Nicehash, a Cryptocurrency mining site. NiceHash lets people offer computing capacity for bitcoin miners to mine digital currencies. Cryptocurrency miners work out complex mathematical equations to add cryptocurrency transactions to decentralized public ledgers called blockchains. Javvad Malik, Security Advocate at AlienVault commented below.
Javvad Malik, Security Advocate at AlienVault:
“Cryptocurrencies are rapidly increasing in value, making them an interesting investment opportunity for many. Unfortunately, this success attracts criminals. Coupled with the fact that cryptocurrencies do not have stringent regulatory or compliance checks, security is left in the hands of the cryptocurrency platform developers – often leading to lax security controls that can be bypassed. „