Ljubljana, December 18, 2019 - NiceHash, the largest hash-power broker marketplace is forced to pause the Repayment program at 82%. This press release explains the reasons and provides detailed explanations for such a decision.

About NiceHash Repayment program

NiceHash has created the Repayment program for NiceHash internal wallet users and external wallet users that were affected by the security breach that happened in December 2017. The Repayment program started on Friday, February 2, 2018, and 82% of the old balance amount was reimbursed successfully to all users that were impacted by the security breach. NiceHash was committed to periodically repay the remaining amount to all users. NiceHash was also committed to fully reimburse all users, at the same time and under the same conditions. Every new part of the reimbursement program was announced in advance and users were able to monitor repayment progress. The old balance was repaid in Bitcoins (BTC) and not in the fiat value or any other cryptocurrency.

Unfortunately, NiceHash will not be able to fulfill its promise to fully reimburse all users and achieve the 100% reimbursement status or the Repayment program in the foreseeable future. We have been repaying the old balance to our users through our fees and thus cutting our income. Our income and thus Repayment program assets are subject to taxation. The current state of the Repayment program is at 100,04% of the original loss value in our accounting books.

Based on that fact and to stay in business with enough cash flow for the future development of the company we decided to pause the Repayment program at 82%. We will continue with the legal procedures in our country regarding the Repayment program and if the market will see a positive development in 2020, we are committed to continuing the Repayment program. All information regarding the Repayment program will stay visible in users’ wallets.

Again, we are deeply sorry we are not able to completely fulfill our promises given at the start of the Repayment program, but we feel we did everything in our power to do what is right. We are committed to continue improving our products and services and bring the cryptocurrency industry to the next level. As stated in the previous paragraph, we will continue with legal procedures and we are committed to fully repay everyone. Unfortunately, at this point in time, we cannot give you any time estimates of the full repayment.

Thank you for supporting us,

Your NiceHash team.