Information Systems Integration – Tony Messina

Hacking Cryptocurrency

 

 

 

 

 

 

Blockchain is a digital ledger in which transactions made in a cryptocurrency are recorded chronologically and publicly. The attractiveness of this new technology is that it allows users complete financial control since there are no banks or other third parties involved in the process. However, there are some risks that come with purchasing cryptocurrenices such as Bitcoin, Ethereum, and Ripple.

Due to the rise of cryptocurrencies, hackers have been discovering new ways to breach data. Since blockchain technology is still in the early stages, it is vulnerable to security issues. The article below discusses how hackers have used an app named Coinhive to mine digital currency. In the past few weeks, numerous US and UK government websites have been compromised. Hacking is enticing since the currency is not on anyone’s phones or computers, instead it is held on companies websites alongside many other user’s transactions. Because of this framework, multiple user’s sensitive data have been breached simultaneously. There is now an increasing market for software, services, and hardware to secure blockchain activity and it was estimated that $259 million was spent in 2017 for businesses looking for a solution.

Do you think investing in cryptocurrency is secure? Does it have a bright future? Would you/have you invested in any?

Source: http://money.cnn.com/2018/02/22/technology/cryptojacking-mining-tesla-websites/index.html

3 Responses to Hacking Cryptocurrency

  • I’m fascinated by blockchain and cryptocurrency, so it’s always interesting to learn more about current events surrounding the technology. Blockchain and cryptocurrency are incredibly valuable and will only increase in value as time goes on and more applications centered around the methodology are developed. With this comes no surprise that more and more hackers are learning to breach securities to make a quick buck.

    I remember reading about UFC’s paid hosting service, UFC.tv, having Coin Hive javascript hidden in the site. Users would pay to use the service while unknowingly having their PCs mine altcoins for whoever placed the coin there. I’m certain we’re not finished seeing shady tactics around blockchain and crypto, but hopefully security measures develop as well.

    https://www.theregister.co.uk/2017/11/07/ufc_coin_hive/

  • I think cryptocurrency has a lot of room for hacking and might not be the most secure investment that one can make. Whenever a large amount of money is involved and possibilities are out there for people to take, ways will be found. With cryptocurrency growing and still fairly new I think the room for others to hack is also growing. Although I am a fan of the blockchain and a worldwide currency to support everyone I think that if crypto currency does not become more secure soon, many investors will take out their portions.

  • As an investor in cryptocurrency, I do think it has a bright future. However, investing in it should be done with great caution. The amount of money in it definitely causes security concerns regarding the potential of hacking. The development of more secure ways of investing in and holding cryptocurrency will take time, but I believe it will ultimately result in methods that are extremely protected. Hopefully this happens before too many investors are scared off by the current threat of hacks.

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