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Hackers go at Old tricks to beat secure bitcoin protocols

Mar 24, 2018 Posted /  2870 Views

Hackers go at Old tricks to beat secure bitcoin protocols

Hackers usually barge in where they find hard cash. Now they are targeting the bitcoin as ecstasy. Technically the Bitcoins are protocols are difficult to crack in. Wallet bugs and traditional techniques can make your device accessible by the hackers, also the exchange services vulnerabilities can cause your Bitcoins.

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As per the report, more than 40 exchange services have receded so far. This can be sue to compromise on their securities.

The chief officer and Co-founder of Paladin Network have said that the Bitcoin protocols are difficult to exploit, so the hackers are using easier routes to exploit and gain access.

The attackers have been using social engineering to get private keys of the user and also they are using ransomware so that they can get a ransom for their devices to be unlocked. Some exchange services are open to hacking because these are not regulated, Bitfinex, Bithumb and many more to go. Transaction once done through BTC cannot be reverted and result in permanent loss. It, therefore, requires higher security protection.

Deric Karunesudas, Business Development Manager (Cyber Security) of Dimension Data, India, said “The bitcoin valuation surge is a speculation by media and the fear-of-missing-out mentality of the investing community. By now 80 percent of the bitcoin in the world is mined already and is out for consumption. Challenge in the crypto world is how to kill the speculation for price stability”.

He added,“The weakness lies in the wallet which stores the bitcoins and has our private keys”.

Cryptocurrencies use Blockchain to share, store and record data which is transparent and secure enough to protect your BTC. Bitcoins usually get lost because, either of human error like forgetting your key or sharing your private keys with others and by letting your wallets get hacked.

How to be secure

Consider using online wallets if you are bad at keeping your keys. But hardware wallets are sweet in terms of security. Also, you can make use of cold wallets to be free from vulnerabilities of third party exchange.

Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .

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