$60 million worth of bitcoin stolen in NiceHash hack

Percentage of Total Market Capitalization, source

Slovenian cryptocurrency mining marketplace NiceHash said it lost almost $64 million in a hack of its payment system, the latest incident to highlight the risks that uneven oversight and security procedures pose to digital currencies such as bitcoin.

More than 980,000 bitcoins have been stolen, which today would be worth about $4 billion, Reuters found.

At 1:05 p.m. EST, Bitcoin was valued at $16,825, according to Coinbase, after briefly surging above $19,000 Thursday morning. "In addition to undertaking our own investigation, the incident has been reported to the relevant authorities and law enforcement and we are co-operating with them as a matter of urgency", the statement reads.

As the buzz around the digital currency, particularly claims of its promising usage and speculation of another bubble, increased in the past few months, many bitcoin investors have come forward to advice new investors.

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The swings in price occurred just as the trading community prepares for bitcoin to start trading on two established US exchanges. Chicago-based CBOE Global Markets is planning to launch bitcoin futures on Sunday, while the world's largest futures exchange, CME, is set to launch its futures product the following week. Others say they can be helpful methods of payment, such as in crisis situations where national currencies have collapsed. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.

Jain added that new investors should try to first understand the technology or mathematics around the virtual currency before jumping the gun.

Online security is a vital concern for such dealings. Mt. Gox shut down in February 2014, saying it lost about 850,000 bitcoins, possibly to hackers.

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