You name the sector, and blockchain is the hot topic. Computer industry cloud giants, like Microsoft and Amazon now offer myriad blockchain services. Bitcoin may be in a bubble, but blockchain is on its nascent rise and here to stay. Early on, many bitcoin and blockchain enthusiasts wondered if the inherent crypto nature of both was sound enough to withstand constant hacking.
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Like everything else of value running on computers, bitcoin, other cryptocurrencies, and blockchains have come under frequent successful attacks. Hundreds of millions of dollars have been stolen, people have been cheated, and blockchains ripped off. Here are some of the hacks:. Each mined bitcoin makes future bitcoins harder to create. Electricity is the number one operational cost to a bitcoin miner. Today, many of the biggest malware botnets are simply to mine bitcoin.
It also slows down the hijacked computers. You stop bitcoin miners like you do any other malware program.
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Crypto-currencies often store their value in file stores known as wallets. Wallets can be compromised, manipulated, stolen and transferred, just like any other store of value on a computer. Ransomware can cause the same issue. With a regular bank account, you can just use another computer to access your online account where your value sits untouched.
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Not so with wallets. This can also make it harder to use that value. The offline nature can add days of waiting to use or update the value store. If you use an online wallet, protect it with multi-factor authentication if possible. There are crypto-currency trojans that sit monitoring your computer waiting for what looks like the format of a crypto-currency account number. When it spots one, it comes awake and replaces the intended account you are transferring value to with their account number. Unless you are very aware of the switch, it will be game over if you hit the Send button.
In practice, there is.
Like any crypto implementation, the cryptologic algorithm is almost always far more sound than the program that implements it. In general, blockchaining suffers from any vulnerability or weakness that you might subscribe to any cryptographic solution. A programming bug or lack of good private key security or bitcoin wallets can bring the whole thing down. There have been instances where hackers manipulated the crypto-currency software to steal value. Good crypto makes the resulting cryptotext look like random gibberish. Theoretically, a crypto-attacker should not be able to figure out what the original plaintext looked like.
With any blockchain technology, however, the format of the blocks is fairly well known or easy to figure out.
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Hacking bitcoin and blockchain
Expert Views. Technicals Technical Chart. Bengaluru Joint Police Commissioner Crime Sandeep Patil said Krishna and his friends, apart from buying drugs, were also using these bitcoins to lead lavish lives, adding that they had stayed in star hotels and resorts. Along with other accused — Suneesh Hegde, Prasad Shetty, Sujay, Hemanth Mudappa, and Robin Khandelwal — Krishna hacked into various international poker sites, stole data and used it in their gaming sites.
The bitcoins were traded for money through another accused, identified as Robin Khandelwal. Krishna graduated in computer science from a college in Amsterdam in and has good knowledge of computers and the internet, police said. A senior officer said that Krishna would encrypt data and demand payment from owners for the site to be unlocked by attacking the portals online.
He started hacking into gaming websites and other websites to steal data.
His modus operandi came to light after the CCB launched a probe into the international drug racket.