Previously, we introduced cyber-attacks on virtual currency mining, but this time we will introduce attacks on virtual currency Bitcoin.
Bitcoin, but what is Bitcoin in the first place? It also deals with the necessity of cyber security measures such as hacking measures from the outflow of Bitcoin.
Bitcoin.org, Bitcoin’s official website, defines Bitcoin as a state-of-the-art payment network and a new type of money.
Money has sets like JPY and USD ($), but since Bitcoin is also a currency type, it has a currency unit called BTC. Although it is not an official currency, the winnings of virtual currencies like Bitcoin are tax issues, it is mandatory to capture very well the value acquired when using and paying the tax.
According to the video, what bitcoin, Bitcoin has the following features.
How does this revolutionary formula work?
Bitcoin uses the P2P electronic currency system. P2P is Peer-to-Peer, which is a system in which a large number of unspecified terminals, such as PCs and smartphones that have the same level of functionality share data files directly with each other, without going through a server.
Therefore, it has the advantages of less load, lighter line, and faster processing speed than the client/server system that shares information via a server, but it can be said that speed is more important than safety.
A technology called blockchain is used to realize a distributed ledger that records Bitcoin transactions, Crypto Revolution describes the blockchain as follows:
Blockchain is a shared public login that serves as the basis for the entire Bitcoin network. All approved transactions are recorded in this blockchain. This is the Bitcoin wallet to calculate the balances to be spent and verify that Bitcoins held through coin users have been used for new transactions. The integrity and time series of blockchain are further enhanced through cryptography.
Bitcoin, which has revolutionized the economic world, has the merit of being convenient and simple to do business, however, it is still an issue for attacks on the server.
Bitcoin are among the Japanese virtual currency exchanges introduced on the official Bitcoin website. These virtual currency exchanges exist all over the world, but they are always at risk of cyber-attacks, and there are cases where bitcoins worth billions of yen are leaked in each country.
The case where the virtual currency exchange was hacked and several virtual currency equivalents worth about 6.7 billion yen including bitcoins were leaked is still fresh in my memory.
A major cryptocurrency exchange was attacked by a cyber-attack and bitcoin equivalent to 4.4 billion yen was leaked. In this case, hackers are said to have stolen 7,000 BTC at a time. (The damage was financed by the SAFU fund that was set up for emergencies from cyber-attacks.) According to the victim, hackers used multiple techniques to get in.
It seems that it has used virus and phishing attacks to gain security information and gradually gained access to the exchange’s hot wallet (an online bitcoin cache available for customer’s transactions).
The hacker was waiting patience and had access to a significant number of account numbers before withdrawing large amounts of Bitcoin.
Once the withdrawals were completed, our alarm systems were activated and all withdrawals were made immediately. They’ve stopped, they’re reporting.
The attacks won are not the largest in the Bitcoin world. In 2014, an exchange attacked through a cyberattack and suffered damages of 47 billion yen at this rate.
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