Bitcoin
via Antana / CC-BY-2.0

The cryptocurrency madness has helped propel the value of Bitcoin through the roof. With everyone clamoring for their piece, hackers are coming out and exploiting weaknesses in various companies.

This week, crypto-mining company NiceHash experienced a security breach, where hackers were able to make off with around $70 million USD worth of Bitcoin.

The company took to social media on Wednesday afternoon (Dec. 6) to announce that they were investigating the incident and halted operations for 24 hours. NiceHash also recommended that users immediately change their online passwords, because “the full scope of what happened is not yet known.”

According to Wall Street Journal, it was estimated that 4,700 Bitcoin was stolen in the heist, which as of press time is worth about $70 million.

NiceHash marketing head Andrej P. Škraba tells WSJ that it “was a professional attack”, but did not provide any further infomation.

Cryptocurrencies are virtual “coins” that are “mined” by computers using complex algorithms. With the value moving at such as fast-pace, Bitcoin has surged to approximately the weight of seven ounces of gold. That type of growth has pushed Bitcoin’s market value past the likes of McDonald’s, Disney and IBM.

Twitter: Charlie Bilello