NiceHash Announces Closure of Repayment Program
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16 November
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NiceHash, a Slovenian cryptocurrency hash power broker marketplace, has declared a deadline by which the company will complete the Repayment program. According to an official statement, the company plans to repay all the losses on Wednesday, December 16, 2020.

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NiceHash initiated the Repayment program in February 2018 after the company faced "a security breach" on December 6, 2017. The company claims the bad actors stole over 4640 BTCs ($55,6 million) when the price of bitcoin (EXANTE: Bitcoin) was at the $12,000 mark. NiceHash claims it has been repaying the old balance to its users through its fees and thus cutting profits.

"We wanted to repay all affected users faster but the bear market that followed has slowed down the Repayment program significantly," states the announcement.

In December 2019, NiceHash paused the Repayment program at 82% in order "to stay in business with enough cash flow."

In June 2019, the US Federal Bureau of Investigation (FBI) charged Matjaž Škorjanc, the founder of NiceHash, with racketeering and conspiracy to commit wire fraud and bank fraud. According to the STA media, Škorjanc could be sentenced to 50 years in prison.

NiceHash Hacked, Over $67m in Bitcoin Stolen

Matjaž Škorjanc is believed to have created the Mariposa botnet which is a botnet mainly involved in cyber scamming and denial-of-service attacks. In December 2013, he was convicted in Slovenia of "creating a malicious computer program for hacking information systems, assisting in wrongdoings and money laundering." He was sentenced to four years and ten months imprisonment and fined €3,000.

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