Tag: Blockchain

  • Blockchain tech will aid capital market regulations – SEC

    Blockchain tech will aid capital market regulations – SEC

    The Securities and Exchange Commission (SEC) says the deployment of blockchain technology will improve efficiency and aid the regulation of the capital market.

    Dr Emomotimi Agama, the Director-General of SEC, said this when a delegation from Algorand Foundation visited him in Abuja on Tuesday.

    Blockchain technology is a secured, decentralised database that stores and shares transaction data across a network of computers. It is known for its use in cryptocurrencies but it has many other applications.

    Agama said blockchain presented an opportunity to build a future where Africa’s significant issues of financial exclusion, lack of transparency, inefficiencies in public and private sectors would be addressed.

    He said the commission was consistently aligning with international best practices by collaborating with global regulatory bodies such as the International Organisation of Securities Commissions.

    Agama said the collaboration was to ensure the commission’s regulatory framework remained robust, adaptive, and enabled cross-border collaboration and foster investors’ confidence.

    He noted that SEC had introduced several measures including the Accelerated Regulatory Incubation Programme and Regulatory Incubation to ensure the innovations were harnessed responsibly.

    Agama added that the programme would foster innovation as well as safeguarding consumers.

    According to him, the recent approval-in-principle granted to two digital asset exchanges and five firms participating in these programmes is a testament to our commitment to enabling innovation.

    ”In this era of technological innovation, the question is not whether Africa will adopt blockchain, but how it will shape its adoption to maximise its benefits for all the people.

    “We want to activate the blockchain in our efficiency; we want to be able to use it to regulate our market.

    ”My dream is to have all of the information we need to do our work in a blockchain. We want to bring technology into our system for effectiveness where we can work seamlessly and everything that we do will be traceable.

    “So, wherever there is a toxin in the blockchain, we will find it and deal with it.

    “We want to leave a legacy that each of us will be proud of when we leave this commission but in getting that to happen, we must all be educated enough to drive that course,” Agama said.

    Mr Eric Wragge, the Global Head of Business Development, Algorand Foundation, said the team was in the country to democratise technology and assist interested organisations and businesses take advantage of the benefits of blockchain technology in their operations.

    “It is an honour to be here.

    ”We are here to tell you what block chain is all about and how it can help your work.

    ”It is free to use, our job is to go round the world, discover where the technology can be used and help people implement,” Wragge said.

  • After Binance, Reps go all out against IMTOs, P2P marketplace

    After Binance, Reps go all out against IMTOs, P2P marketplace

    The House of Representatives has resolved to investigate the national security implications of the current status of cryptocurrency, blockchain, and other digital asset transactions.

    This followed the adoption of a motion by Rep. Isiaka Ibrahim (APC-Ogun), during plenary in Abuja.

    Moving the motion, Isiaka said that the growing global concerns about the national security implications of cryptocurrency transactions through cryptocurrency exchanges including consumer and investor security.

    He said these exchanges enable money laundering by criminals and terrorists for their illicit activities.

    Adopting the motion, the House said it would investigate international money transfer operators, payment gateways and platforms, cloud computing.

    Others include: infrastructure (networks) and all online peer-to-peer (P2P) marketplace, utility sharing based platforms and their practices, in Nigeria.

    The lawmakers said the investigation would identify threats to national security and gaps in legislative framework, statutes, and regulations to the detriment of the country.

    The House said that the current status of the E-Naira on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency would also be investigated.

    The House also resolved to engage all relevant stakeholders to initiate necessary processes for establishing required legislation and regulations.

    The lawmakers said that the profile of operators in the sector such as legal status, parent company, and access to their compliance with existing statutes should be unraveled.

    The House said that their complicity in infractions against Nigeria including money laundering, illicit transactions, currency speculation and bad practices would be looked into.

    The House also resolved to superintend the engagement of the office of the National Security Adviser and other relevant agencies, cryptocurrency exchanges in tracking and recovering illicit and laundered funds or assets.

    The lawmakers said they will ensure that equity, probity, transparency, the rule of law, and international best practices were observed by the government in investigating cryptocurrency exchanges and others.

    The House  referred the matter to the committee on National security and Intelligence to report back to the House for further deliberations.

  • Nigeria ranks top 10 worldwide for crypto adoption

    Nigeria ranks top 10 worldwide for crypto adoption

    A Blockchain Technology Company, EMURGO Africa in partnership with PricewaterhouseCoopers (PwC) disclosed that Nigeria ranked among the Top 10 worldwide for crypto adoption.

    It said in a statement in Lagos that this was revealed in its “State of Web 3.0 in Africa” report unveiled on Friday.

    EMURGO Africa said that the report provided an expansive and insightful analysis of the emergent influence of blockchain and Web 3.0 technologies within Africa and the Middle East and North Africa (MENA) region.

    Blockchain Technology is defined as a decentralised record of transactions that are stored on a huge number of computers across the internet.

    Web 3.0 is a decentralised internet built on an open blockchain network that is not owned and controlled by large entities.

    EMURGO Africa said that the report showed that Nigeria’s position emphasised its role in propelling financial inclusion and nurturing innovation in the digital currency sector in West Africa.

    “The report casts a spotlight on the pivotal rise of blockchain investment within Africa.

    “With compelling statistics, it heralds Africa’s burgeoning presence within the global blockchain arena,” it said.

    According to the company, the report revealed that blockchain funding soared by 1.668 per cent in 2022 compared to the preceding year, accumulating a total of 91 million dollars in countries like Kenya, South Africa and Nigeria.

    It said that the report showcased Kenya’s speedy growth in implementing blockchain solutions that stimulated economic development in East Africa.

    EMURGO Africa added that in South Africa, the report indicated the escalating adoption of Web3.0 and blockchain technologies that are revolutionising industries via secure and transparent data management in Southern Africa.

    It stated that the report also highlighted Nigeria’s high ranking position in the top 10 worldwide for crypto adoption.

    ‘’These findings underline the transformative effect of blockchain and Web3.0 technologies in Kenya, South Africa and Nigeria.

    “It establishes them as major contributors to the digital revolution unfolding across Africa,’’ the blockchain technology firm said.

    The Chief Executive Officer of EMURGO Africa, Ahmed Amer, was quoted as saying that Web3.0 technologies are already redefining the Africa digital landscapes.

    Amer said, “Web 3.0 technologies are offering innovative solutions to long-standing challenges,   empowering individuals and communities across continents.

    “This report presents an in-depth exploration of the potential of these technologies to drive positive change.

    “It highlights the importance of fostering a collaborative environment between stakeholders, policy makers and regulators to unlock the full potential of Web 3.0,” he said.

    Amer said that on the global stage, crypto regulation is evolving with 40 per cent of the 35 nations surveyed, having instituted regulatory frameworks.

    He added that 34 per cent were actively developing regulatory frameworks and a scanty nine per cent enforcing outright prohibition on crypto currencies.

    “With 20 per cent of sub-Saharan African countries currently outlawing crypto currency assets and established data protection laws in countries like Kenya, Nigeria, Egypt and South Africa, the report underscores the importance of a balanced regulatory approach in safeguarding individual privacy and protection,’’ Amer said.

  • FG approves National Blockchain Policy

    FG approves National Blockchain Policy

    The Federal Government on Wednesday in Abuja approved the implementation of the National Blockchain Policy for Nigeria.

    A blockchain is a decentralised, distributed and public digital ledger used to record transactions across many computers.

    Such records cannot be altered retroactively without the alteration of subsequent blocks and the consensus of the network.

    Minister of Communications and Digital Economy, Prof. Isa Pantami said at the end of Wednesday’s cabinet meeting that the policy was developed in consultations with stakeholders involving more than 50 institutions and personalities.

    “With the approval of the National Blockchain Policy, we can safely say that blockchain technology with all its components and types have been institutionalised in the country.

    “The Federal Government had earlier approved the National Digital Economy policy and strategy for a digital Nigeria.

    “It was unveiled and launched on Nov. 28, 2019,’’ Pantami said,

    The minister explained that following the approval of the policy, cabinet directed regulatory agencies to liaise with the National Information Technology Development Agency to ensure that regulatory instruments were introduced in national economy and security.

  • FG mulls blockchain technology for public service reforms

    FG mulls blockchain technology for public service reforms

    The federal government of Nigeria is in the process of rolling out a road map for the implementation of blockchain technology in the country, Dr Dasuki Arabi, Director-General, Bureau of Public Service Reform (BPSR) has revealed.

    TheNewsGuru.com (TNG) reports Dr Arabi revealed this on Wednesday at a workshop on blockchain technology put together by the Nigerian Communications Commission (NCC) in Abuja, the federal capital territory (FCT).

    Arabi admitted that public service is the biggest beneficiary of blockchain but that little attention was paid to it when the national e-government masterplan was drafted and approved by the FG.

    The BPSR D-G revealed that the bureau was planning to train 500,000 public servants ahead of the adoption of the new technology, stressing that the technology is real and that it is here to stay.

    Arabi added that the adoption of blockchain technology in public service will improve transparency and accountability, and that working together between MDAs, and most importantly, it will break bureaucracy.

    “There is a National E-Government Masterplan that has been approved by the Federal Executive Council which has set the strategy for digitisation for this massive movement of paper government and public service to paperless by the year 2030.

    “The framework has been set up; the implementation has already started. From next year, assessments will be done electronically of everybody that is on IPPIS and working for the Federal Government of Nigeria.

    “As at the time this paper was being crafted and its strategy, little attention was paid to blockchain. But as it is a legal document, we can always review it. Blockchain is definitely going to be very important in implementing the e-government masterplan.

    “We will come up with a robust road map for the implementation and adoption of blockchain technology in the public service in Nigeria. What we are trying to do is to sensitise Nigerians and public servants and we come up with the road map for the implementation of the blockchain technology.

    “Adopting this technology will give us the privilege to improve on transparency and accountability, then working together between MDAs and most importantly it will break bureaucracy,” Arabi said.

    TNG reports blockchain is a type of shared database that differs from a typical database in the way that it stores information. It is essentially a growing list of records called blocks that are linked together using cryptography.

    Meanwhile, speaking at the workshop, Dr Abdulkareem Oloyode from the University of Ilorin (UNILORIN) gave an highlight of how the technology works, while advising that pervasive awareness should be created before the new technology is adopted.

    He stated thus: “As new data comes in, it is entered into a fresh block. Once the block is filled with data, it is chained onto the previous block, which makes the data chained together in chronological order.

    “All new information that follows that freshly added block is compiled into a newly formed block that will then also be added to the chain once filled.

    “This data structure inherently makes an irreversible time line of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes a part of this time line.

    “Each block in the chain is given an exact time stamp when it is added to the chain. Different types of information can be stored on a blockchain, but the most common use so far has been as a ledger for transactions.

    “In Bitcoin’s case, blockchain is used in a decentralized way so that no single person or group has control; rather, all users collectively retain control.

    “In general, think of a blockchain as a book containing a list of transactions that all members of a group, or network, need to see. Every member or “node” of the network has their own copy of the book. Each page of the book is a “block” of data.

    “Every page of the book is identified by a unique page number called a “hash,” and the first entry on each page is the “hash” of the previous page. That first entry is the “chain” that links the pages or “blocks” of transactions together.

    Dr Oloyode distinguished between public and private blockchain, saying: “A public blockchain is public, and members are anonymous. Anyone can join the network, process transactions, and validate blocks, providing they have the substantial computer resources required.

    “All members of a public blockchain can see all of the data. Members of a public blockchain network, like the one that supports bitcoin, use “miners for the consensus mechanism. Miners are members who validate data blocks on the public network. Miners compete with other miners to validate data blocks by solving complicated mathematical equations.

    “A private, or “permissioned,” blockchain requires that all members be identified and need credentials, or permissions, to submit transactions and validate data blocks.

    “A private blockchain may give access to all data to some users while restricting others. Private blockchains are more suitable for an individual business”.

    Oloyode added that: “Blockchains are difficult to hack because every member has a copy of transactions, but they are not completely impenetrable. Hackers need to gain access to multiple individual members in order to create fraudulent transactions and have them accepted.

    “The vast computing power required alone makes hacking blockchains very difficult and expensive. The real weakness lies in the protocols, such as smart contracts. Hackers can potentially explicit a weakness in the way these operate and “game” the system”.

    He highlighted the challenges of adopting blockchain as power supply, proof of work, awareness and understanding, culture, cost and amongst others.

    Oloyode concluded by saying: “Blockchain technology can be used to reduce costs, speed up transactions, and improve data security for financial institutions, health care providers, businesses, and more. That’s good news for consumers and investors.

    “Although blockchain technology hasn’t yet been widely adopted, it has the potential to dramatically change the way we do business by offering a trusted, cryptographic system for exchanging information”.

  • Nigeria to lead Africa in AI, blockchain technology – NITDA DG

    Nigeria to lead Africa in AI, blockchain technology – NITDA DG

    The Director-General of the National Information Technology Development Agency (NITDA), Mr Kashifu Inuwa, said that Nigeria would lead other African countries in Artificial Intelligence (AI) and Blockchain technology.

    He said this would lead to the economic diversification of the continent.

    Inuwa made the assertion on Wednesday at the virtual Digital Africa Conference and Exhibition 2021 where he spoke on “Building a New Africa with AI and Blockchain.”

    He said that with the growing population of the continent and the dwindling oil revenue, especially in Nigeria, there was need to harness other areas to diversify the economy.

    According to him, emerging technology is one of these areas, and will play an important role in economic diversification.

    “Digital technologies are changing the world at a faster pace than previously experienced waves of technological innovation.

    “Nigeria needs to accelerate growth and modernise its economy through the development of a digital-led growth strategy for the Nigerian economy.

    “It is pertinent to note that despite the economic shocks from COVID-19 pandemic, most of the growth observed in the economies were those from viable digital economies.

    “Digital economy has been identified as an engine of growth, hence Nigeria can harness it as a driver of growth and innovation,” he said.

    The NITDA boss affirmed that the World Bank Group Digital Economy for Africa (DE4A) initiative supported the digital transformation strategy for Africa, prepared by the African Union (AU).

    He also pointed out that the DE4A initiative recognised that digital economy could help accelerate the achievement of the UN Sustainable Development Goals (SDGs).

    He recounted that recently a call to action was made with the unveiling of the “Economic Sustainability Plan 2020″ which sought to put technology at the forefront of driving development in Nigeria.

    Inuwa said the conference was a meeting point for professionals, practitioners, and policymakers to brainstorm on the best ways to harness these technologies to the advantage of the citizenry.

    “For Nigeria, a country in dire need to diversify its economy, digital economic activities are key for diversification because they transcend all aspect of human endeavours and the economic sector,” he said.

    He pointed out that at NITDA, the development and utilisation of emerging technologies was one of the strategic pillars for the 2021-2024 Roadmap and Action Plan of the agency.

    To drive that pillar, he said the agency was collaborating with relevant stakeholders and researchers to ensure AI, Blockchain, and other emerging technologies to support the economic diversification and sustainability plan for the country.

    He reiterated that the focus on the economic advancement of Sub-Saharan Africa, leveraging emerging technologies, specifically AI, Blockchain, Internet of Things and 5G was highly commendable and apt.

    He urged stakeholders present at the event to make necessary partnerships and collaborations towards making Nigeria a leading knowledge and digital economy by 2030.

    The Keynote Speaker at the event, Prof. Umar Danbatta, Executive Vice Chairman of Nigerian Communications Commission (NCC), encouraged Africa to take advantage of the unprecedented volume of data being generated on sentiment, behaviour, human health, commerce, communications, migration and more.

    “Adoption of AI solutions are expected to increase tremendously in the next few years and competition among major AI companies is expected to be intense.

    “In a recent report published by Markets and Markets (M&M), the global AI market size is projected to grow from 58.3 billion dollars in 2021 to 309.6 billion dollars by 2026.

    “It is a compound of enormous growth rate of 39.7 per cent during the forecast period,” Danbatta said.

    He explained that BlockChain was the foundation for crypto currency such as bitcoin; one of the newest technologies that had received extensive global attention in recent times.

    According to him, BlockChain served as an immutable measure which allowed transactions take place and its applications are springing up, covering numerous fields including financial services, refutation systems, Internet of Things (IoT), health, among others.

    Danbatta also said that robust and reliable broadband infrastructure and advanced technology, such as the 5th Generation Network (5G), were required to unleash the huge economic potential of AI and BlockChain in every country.

    He reiterated that African countries, including Nigeria, must be positioned to take advantage of the huge revenue in AI technologies, BlockChain especially, in the next five years to make way for a digital economy.

    AI refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions while Blockchain technology is a structure that stores transactional records, also known as the block, of the public in several databases, known as the chain.

  • How dApp development will evolve in the next 5 years

    How dApp development will evolve in the next 5 years

    Blockchain technology has been on a continuous growth curve over the last few years. There are several cryptocurrency platforms that allow you to build dApps on their respective blockchains. It’s likely that there will be many more in the near future.

    Right now, the top platforms to build dApps on are Ethereum, Ethereum Classic, EOS, Qtum, Cardano and NEO. Some are fully operational (Ethereum), while others are still in the development phase (Cardano).

    There are many ways to implement blockchain technology to improve your business. One of those is through dApp development on a popular cryptocurrency platform, such as Ethereum or Qtum.

    Today, dApp development requires a specialized blockchain developer. You can either hire one to work solely for your business, or you can work with an outside firm with dApp development experience. Coding a smart contract and creating an effective dApp requires skill and experience. At the current rate that blockchain technology is progressing, heavy coding skills may not be required to code dApps and smart contracts in five years.

    There are a few blockchain companies that are focused on building a platform that would allow dApps to be created easily. Companies such as WordPress and Squarespace make creating a website a fairly simple process.

    There was a point in time when creating a website required computer coding skills. You had to know HTML and CSS to launch even the simplest website. Today, we have amazing tools that allow us to launch a website, with a basic layout, with a few clicks of the mouse. That was impossible before WordPress was created in 2005.

    HTML computer code on a green background
    (HTML computer code on a green background.)

    The same type of progress will be made with dApp development in the next five years. Neblio is already working on a secure platform where dApps can be built and run on their very own Neblio blockchain.

    Neblio is working to drive the growth of blockchain technology in the enterprise/ business space. In the short term, we can expect them to have tools and services that will allow enterprises to launch decentralized applications.

    It will likely be so simple that it will not require a smart contract coding professional. That’s how fast blockchain technology is progressing. If you keep up-to-date with the popular cryptocurrency news sites, you’ll notice how every week brings big developments within the community.

    You can count on other blockchain companies to try to become the WordPress of decentralized applications for businesses and individuals. In upcoming years, it might be normal for individuals to have their own decentralized applications, just as individuals have personal blogs today.

    High consumer demand will put pressure on dApps to become easier to create and build. It will also create the opportunity for a business to create something that’s meaningful and helpful.

    In the meantime, if you need assistance with your own dApp development, contact a seasoned professional familiar with all the latest developments in blockchain technology.

     

    Michael Kelley is a Content Strategist at Fueled. He is a professional tech writer and content strategist with an app development background. He specializes in Android & iOS app design, as well as blockchain & dapp technology.

     

  • How Blockchain can revolutionize the energy industry in Africa: OPINION

    By Nsikak John

    In Africa, the demand for electricity largely exceeds supply. Nigeria’s shortage of 173,000MW (for a nation whose current energy needs is around 180,000MW) gave rise to large-scale imports of noisy and polluting power generating sets.

    Most sub-Saharan African countries experience the same. In rural areas in Rwanda, where over 70% of the population lives, only 18% of the population has access to electricity. Large numbers of households and public buildings in rural communities are not connected to their state-backed power grid. Urban dwellers and medium-sized enterprises linked to the grid still cannot be certain of having electricity all day. The government of Rwanda has set a target to achieve successful electrification by 2024.

    The cost of generation and distribution of power is high. Economic and political reasons mean it will take a lifetime for these communities to be considered. The UN Sustainable Development Goal #7, targeting universal energy access for all by 2030, among other international agreements is driving a global consensus on renewable energy in off-grid communities.

    In several African countries, renewable energy has been the focus of development strategy and investment. Huge investments and support from the African Development Bank (AfDB), Overseas Private Investment Corporation and World Bank in solar PV and wind energy are yielding results.

    These communities, which are not connected to the national power grid, will lift the government’s burden of investing in large-scale plants to meet the growing demand for electricity.

    Togo, Nigeria and the Democratic Republic of Congo are doing well in setting up policies and regulatory frameworks in this sector. In an ambitious plan to achieve universal access to energy across the continent by 2025, the AfDB is mobilizing capital to help realize the continent’s potential to generate at least 160GW by 2025.

    While this is laudable, experts say the market penetration of green energy in Africa is low and, up until now, the success of electrification plans focuses on the number of connections made and megawatts installed rather than the end use of that power.

    There is, however, an ongoing shift in how electrification success should be measured. In Africa, communities need to have appliances, classrooms, equipment, irrigation systems, and so on, ready and available to be powered by electricity. The energy supplied has to meet a demand that boosts productivity.

    There is no need for the expansion of decentralized energy if the end use does not improve lives and meet critical needs. The World Bank is using this same measure to check the progress in access to electricity.

    The innovation to accelerate access through decentralized energy is tilting more towards demand management and distribution, using connectivity and data.

    With the emergence of blockchain (a protocol that eliminates intermediaries), it is possible to establish an auditable encrypted ledger that can record energy consumption, credit histories (which are relevant when there is a need for accessing financing), as well as provide energy trading between households; giving consumers more control of their energy requirements and consumption.

    In 2017, a non-profit, Energy Web Foundation (EWF), started developing an open source, scalable blockchain platform with the aim of creating a market standard for the energy industry to build upon and run their own blockchain-based solutions.

    EWF’s first use case, EW Origin, creates a marketplace where all smart meters on solar PV can communicate. It also records the provenance of renewable electricity generated, with clear details of source type, time, location and CO2 emissions. This provides a universal dashboard tracking the energy consumption of the world.

    A recent project by the Brooklyn Microgrid gives its participants the options of choosing their preferred energy source locally. Using a mobile app, Exergy, residents with solar PV panels on their roof (so-called prosumers) can sell their excess solar PV energy to residents without solar PV panels who are connected to the microgrid. Secure trading is made possible by blockchain. Platforms like these help small energy consumers achieve electricity and financial inclusion.

    Moves to achieve universal energy access for all in Africa cannot be superficial. The commitment to electrification success should be strengthened with the mutually-beneficial collaboration of public and private entities. Successful collaboration between these players will come from shared interests, openness in investments, and the use of innovative solutions; and there should be active participation of citizens too.

    A business-as-usual attitude will not change the energy outlook of Africa. Using a technology that enables shared consensus on a transparent, yet secure backdrop will. First, Blockchain will inspire fast adoption of decentralized energy system in places with or without electricity. Second, it will not only increase productivity among small energy consumers, but new ways of defining energy end-use will emerge.

     

    Nsikak John is Founder, Kahn Studios

     

  • Nigeria to introduce blockchain technologies in financial sector

    Nigeria is working on a framework for the adoption of blockchain technologies in the financial sector of the economy.
    Dr. Isa Pantami, Director General of the National Information Technology Development Agency (NITDA) made this known during the Conference on Blockchain Technologies at the Gulf Information Technology Innovation (GITEX) Technology Week 2018 holding in Dubai.
    TheNewsGuru (TNG) reports a blockchain, originally block chain, basically is a growing list of records, called blocks, which are linked using cryptography.
    Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. The first major application of blockchain technology was bitcoin which was released in 2009.
    NITDA boss, who joined other panelists at the panel discussion on ‘Living in a blockchain powered world’ during the Vertical Day Conference at GITEX 2018, said peculiar challenges of Nigeria would be taken into account before the technology is introduced.
    “We are working on a framework for the adoption of blockchain technologies in the financial sector of Nigeria, taking into account our peculiar challenges,” Pantami, who is also the Chief Information Technology Officer of Nigeria stated.
    TNG reports NITDA sponsored six Nigerian outstanding start-ups to showcase their technological innovations at the GITEX Technology Week, an annual Information and Communication Technology trade show, exhibition, and conference that holds in the Dubai World Trade Centre, Dubai, United Arab Emirates.
    The event is aimed at showcasing the global technological advancements and innovations in the domain of consumer electronics, with government and private sector technology institutions in participation.
     

  • Bitcoin mining marketplace, NiceHash faces up to $60 million loss in latest heist

    NiceHash, a Slovenian cryptocurrency mining marketplace, has said it lost about $64 million worth of Bitcoin in a hack of its payment system.

    “Unfortunately, there has been a security breach involving NiceHash website. We are currently investigating the nature of the incident and, as a result, we are stopping all operations for the next 24 hours,” a statement read on NiceHash website.

    NiceHash executive Andrej P. Skraba in a statement said his firm was the victim of “a highly professional” heist that yielded about 4,700 Bitcoin, worth around $64 million.

    Meanwhile, the firm says it is working to verify the precise number of BTC taken.

    “Importantly, our payment system was compromised and the contents of the NiceHash Bitcoin wallet have been stolen. We are working to verify the precise number of BTC taken,” the firm said.

    NiceHash matches people looking to sell processing time on computers in exchange for bitcoin.

    While it was unclear whether customers faced any losses from the hack, the firm has advised users changed their online passwords.

    “While the full scope of what happened is not yet known, we recommend, as a precaution, that you change your online passwords,” it said.

    TheNewsGuru reports this is the latest incident to highlight risks that uneven oversight and security pose to booming digital currencies.