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A Survey On Security And Privacy Issues Of Bitcoin

A Survey On Security And Privacy Issues Ofbitcoin

A Survey On Security And Privacy Issues Ofbitcoin

A survey on security and privacy issues ofBitcoin A survey on security and privacy issues of Bitcoin Conti et al., arVix 2017 At the core of this survey is a catalogue of security attacks on Bitcoin, together with known defences or mitigations where applicable. Weve touched on many of these before in one way or another, but its helpful to see them all in one place. Lets get straight to it with this table of major attacks: A double spending attack occurs when the same set of bitcoins are spent in two different transactions. It involves arranging things so that a vendor sees a transaction confirmation (and releases the product), but a double-spend transaction (e.g., paying the same funds back to an address the attacker controls) makes it onto another fork, which ultimately becomes the main branch. Thus the attackers has the goods and the coins. There are several schemes for achieving a favourable fork, starting with the Finney attack. The Finney attack is a form of double spending attack in which a dishonest client pre-mines a block containing a transaction paying the coins to an address under their control. On successfully mining such a block, the attacker creates and submits a transaction paying the same bitcoins to a vendor. Once the vendor receives confirmation that the transaction is valid and included in the blockchain, the attacker immediately releases their pre-mined block, creating a fork of equal length to the existing fork. The attack succeeds if the attackers fork becomes the prefix of the longest chain. With more compute power (e.g., in a large mining pool) it is theoretically possible to mine ahead (pre-mine) not just a single block, but a sequence of blocks. The rest of the attack proceeds as for Finney, but the attacker releases the whole block sequence o Continue reading >>

[1706.00916v1] A Survey On Security And Privacy Issues Of Bitcoin

[1706.00916v1] A Survey On Security And Privacy Issues Of Bitcoin

Computer Science > Cryptography and Security Title:A Survey on Security and Privacy Issues of Bitcoin Authors: Mauro Conti , Sandeep Kumar E , Chhagan Lal , Sushmita Ruj (Submitted on 3 Jun 2017 (this version), latest version 25 Dec 2017 ( v3 )) Abstract: Bitcoin is a popular "cryptocurrency" that records all transactions in andistributed append-only public ledger called "blockchain". The security ofBitcoin heavily relies on the incentive-compatible distributed consensusprotocol which is run by participants called "miners". In exchange of theincentive, the miners are expected to honestly maintain the blockchain. Sinceits launch in 2009, Bitcoin economy has grown at an enormous rate is now worthabout 40 billions of dollars. This exponential growth in the market value ofBitcoin motivates adversaries to exploit weaknesses for profit, and researchersto identify vulnerabilities in the system, propose countermeasures, and predictupcoming trends. In this paper, we present a systematic survey on security andprivacy aspects of Bitcoin. We start by presenting an overview of the Bitcoinprotocol and discuss its major components with their functionality andinteractions. We review the existing vulnerabilities in Bitcoin which leads tothe execution of various security threats in Bitcoin system. We discuss thefeasibility and robustness of the state-of-the-art security solutions. Wepresent privacy and anonymity considerations, and discuss the threats toenabling user privacy along with the analysis of existing privacy preservingsolutions. Finally, we summarize the critical open challenges, and suggestdirections for future research towards provisioning stringent security andprivacy techniques for Bitcoin. Continue reading >>

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests 30 Days To Improve

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests 30 Days To Improve

All Major Korean Cryptocurrency Exchanges Fail Privacy Tests 30 Days to Improve The South Korean Communications Commission has conducted a survey of major cryptocurrency exchanges in the country and found them to have insufficient customer data protection. Eight exchanges have been sanctioned, with 30 days to resolve their issues and safeguard their systems. Also read: Cryptocurrency Activities Will Be Legal and Tax Free in Belarus Starting in March The South Korean Communications Commission (KCC) announced on Wednesday that it has sanctioned 8 cryptocurrency exchanges a total of KRW141 million [~USD$132,540] in penalties for violating the Personal Information Protection Act. This announcement followed the agencys on-site survey of 10 exchange operators, in collaboration with the Ministry of Science, Technology, and Information and the Korea Internet Development Agency (KISA). The KCC wrote: Among the 10 surveyed companies, all eight companies, except the two companies which stopped providing related services during the survey period, were found to be in violation of the Information and Communication Network Act. The 10 companies surveyed are Upbit, Ripple4y, Coinpia, Youbit, Korbit, Coinone, Coinplug, Eyalabs, Bizcoin, and Bizstore, according to Chosun. Bizcoin and Bizstore stopped their crypto-related services during the survey and were excluded from the list, the news outlet detailed. The countrys largest crypto exchange by volume, Bithumb, was previously investigated separately. The KCC fined Upbit 20 million won (~$18,800), Ripple4y 15 million won,Coinpia 15 million won, Eyalabs 10 million won, Youbit 25 million won, Korbit 21 million won, Coinone 25 million won, and Coinplug 10 million won. Upbit is one of South Koreas largest cryptocurrency exchanges. It is back Continue reading >>

Risk Of Bitcoin Hacks And Losses Is Very Real

Risk Of Bitcoin Hacks And Losses Is Very Real

Risk of Bitcoin Hacks and Losses Is Very Real Risk of Bitcoin Hacks and Losses Is Very Real Photo Illustration by Thomas Trutschel Photothek via Getty Images When hackers penetrated a secure authentication system at a bitcoin exchange called Bitfinex earlier this month, they stole about $70 million worth of the virtual currency. The cyber theftthe second largest by an exchange since hackers took roughly $350 million in bitcoins at Tokyos MtGox exchange in early 2014is hardly a rare occurrence in the emerging world of crypto-currencies. New data disclosed to Reuters shows a third of bitcoin trading platforms have been hacked, and nearly half have closed in the half dozen years since they burst on the scene. This rising risk for bitcoin holders is compounded by the fact there is no depositors insurance to absorb the loss, even though many exchanges act like virtual banks. Not only does that approach cast the cybersecurity risk in stark relief, but it also exposes the fact that bitcoin investors have little choice but to do business with undercapitalized exchanges that may not have the capital buffer to absorb these losses the way a traditional and regulated bank or exchange would. There is a general sense in the bitcoin community that any centralized repository is at risk, said a U.S.-based professional trader who lost about $1,000 in bitcoins when Bitfinex was hacked. He declined to be named for this article. Get Data Sheet , Fortunes technology newsletter. So when investing, you always have that expectation at the back of your head. I lost a small amount compared to the others, but I know of traders who lost millions of dollars worth of bitcoins, the trader said. The security challenge for the bitcoin world does not appear to be letting up, according to experts in the Continue reading >>

A Survey On Security And Privacy Issues Of Bitcoin

A Survey On Security And Privacy Issues Of Bitcoin

A Survey on Security and Privacy Issues of Bitcoin Research perspectives and challenges for bitcoin and cryptocurrencies Securing smart cities using blockchain technology A Survey on Security and Privacy Issues of BitcoinMauro Conti, Senior Member, IEEE, Sandeep Kumar E, Member, IEEE, Chhagan Lal, Member, IEEE,Sushmita Ruj, Senior Member, IEEEAbstractBitcoin is a popular cryptocurrency that records cryptographicallysecuredecentralizedpeer-to-peer(P2P)elec-all transactions in a distributed append-only public ledger calledtronic payment system, and it enables transactions involvingblockchain. The security of Bitcoin heavily relies on thevirtual currency in the form of digital tokens. Such digitalincentive-compatibledistributedconsensusprotocol,whichisrun1tokens,also calledBitcoin Coins (BTCs) arecryptocurrenciesby participants called miners. In exchange for the incentive,whose implementation relies on cryptographytechniques. Thethe miners are expected to honestly maintain the blockchain.Since its launch in 2009, Bitcoin economy has grown at an cryptography is used in order to control the generation ofenormous rate, and it is now worth about 40 billions of dollars.new coins and to securely validate the transactions withoutThis exponential growth in the market value of Bitcoin motivatesinvolvinganycentralauthorities.InBitcoin,thetrustinathird-adversaries to exploit weaknesses for prot, and researchers toparty such as a bank is replaced by a cryptographic Proof-of-identify vulnerabilities in the system, propose countermeasures,Work (PoW) scheme that uses a public digital append-onlyand predict upcoming trends.In this paper, we present a systematic survey on security ledger called blockchain. This ledger keeps records for alland privacy aspects of Bitcoin. We start by presen Continue reading >>

Cryptocurrency Investors Risk Security Issues Like Theft, Loss

Cryptocurrency Investors Risk Security Issues Like Theft, Loss

Six ways to protect your bitcoin and ethereum investments from hackers In the last few weeks, hundreds of frantic people have called into McCann Investigations in Houston, Texas. Some have lost their cryptocurrencies. Others had them stolen. "There are a lot of vulnerabilities when you open a cryptocurrency account," said Dorothy Flippov, a private investigator with McCann Investigations who specializes in cryptocurrencies. Wallet Recovery Services, which helps people find their lost cryptocurrencies, warns web site visitors to expect a slow response time due to its " high volume of new requests ." "All the hackers in the world are targeting cryptocurrencies." -Eric Larcheveque, CEO of cryptocurrency security company Ledger Wallet Bitcoin was born out of a distrust for traditional markets and a desire to establish a new system, free from brokers or bankers. But as the value of many cryptocurrencies rise, so does people's uneasiness with being the only one with access to their digital fortune. Investors are finding that the system's high-security makes it easy for them to get locked out. Currently there are more than 3 million bitcoins that have been lost, according to blockchain tracking company Chainalysis. Since bitcoin was created in a way that makes its supply finite, that means that 14 percent of the currency could be gone for good. Even more alarming: cryptocurrencies are a dream for cyber criminals. "Let's say you manage to steal a Social Security number or banking information that's not money, it's information," said Eric Larcheveque, CEO of cryptocurrency security company Ledger Wallet. "You need to find a broker to sell the data." "It's immediate. It's already cash," Larcheveque said. "All the hackers in the world are targeting cryptocurrencies." Here are som Continue reading >>

Security And Privacy Of Bitcoin

Security And Privacy Of Bitcoin

Arthur Gervais, Hubert Ritzdorf, Ghassan O. Karame, Srdjan Capkun Tampering with the Delivery of Blocks and Transactions in Bitcoin in ACM Conference on Computer and Communication Security (CCS), 2015[ Preprint ] Quantifying Location Privacy Leakage from Transaction Prices Large-scale datasets of consumer behavior might revolutionize the way we gain competitive advantages and increase our knowledge in the respective domains. At the same time, valuable datasets pose potential privacy risks that are difficult to foresee. In this paper we study the impact that the prices from consumers purchase histories have on the consumers location privacy. We show that using a small set of low-priced product prices from the consumers purchase histories, an adversary can determine the country, city, and local retail store where the transaction occurred with high confidence. Our paper demonstrates that even when the product category, precise time of purchase, and currency are removed from the consumers purchase history (e.g., for privacy reasons), information about the consumers location is leaked. The results are based on three independent datasets containing thousands of low-priced and frequently-bought consumer products. In addition, we show how to identify the local currency, given only the total price of a consumer purchase in a global currency (e.g., in Bitcoin). The results show the existence of location privacy risks when releasing consumer purchase histories. As such, the results highlight the need for systems that hide transaction details in consumer purchase histories. Members of the project:Arthur Gervais,Hubert Ritzdorf, Mario Lucic and Srdjan Capkun Arthur Gervais, Hubert Ritzdorf, Mario Lucic, Srdjan Capkun Quantifying Location Privacy Leakage from Transaction Prices Cryp Continue reading >>

A Survey On Security And Privacy Issues Of Bitcoin

A Survey On Security And Privacy Issues Of Bitcoin

Bitcoin is a popular "cryptocurrency" that records all transactions in an distributed append-only public ledger called "blockchain". The security of Bitcoin heavily relies on the incentive-compatible distributed consensus protocol which is run by participants called "miners". In exchange of the incentive, the miners are expected to honestly maintain the blockchain. Since its launch in 2009, Bitcoin economy has grown at an enormous rate is now worth about 40 billions of dollars. This exponential growth in the market value of Bitcoin motivates adversaries to exploit weaknesses for profit, and researchers to identify vulnerabilities in the system, propose countermeasures, and predict upcoming trends. In this paper, we present a systematic survey on security and privacy aspects of Bitcoin. We start by presenting an overview of the Bitcoin protocol and discuss its major components with their functionality and interactions. We review the existing vulnerabilities in Bitcoin which leads to the execution of various security threats in Bitcoin system. We discuss the feasibility and robustness of the state-of-the-art security solutions. We present privacy and anonymity considerations, and discuss the threats to enabling user privacy along with the analysis of existing privacy preserving solutions. Finally, we summarize the critical open challenges, and suggest directions for future research towards provisioning stringent security and privacy techniques for Bitcoin. Do you want to read the rest of this article? ... In practical blockchain systems, e.g., Bitcoin, a miner which successfully mines a block receives the mining reward when the mined block is successfully added to the blockchain. This consensus mechanism guarantees the security and dependability of blockchain systems [4] Continue reading >>

Assessing The Public Perception Of Security And Privacy

Assessing The Public Perception Of Security And Privacy

Assessing the Public Perception of Security and Privacy Authorities in different spheres, from travel to child protection to counter-terrorism, may have to make difficult decisions while implementing security and surveillance measures to mitigate likely risks arising from a variety of threats. However, they often do so in the face of extensive uncertainty regarding public reactions to these measures. Moreover, in everyday life, data is increasingly being transferred through digital interactions; the advent of cloud computing, for example, raises many issues relating to data ownership and access. While the actual and potential benefits to society from Internet use and the availability of big data in fields such as healthcare should not be underestimated, the implications for individuals privacy and security also need to be taken into account. PACT (Public Perception of Security and Privacy: Assessing Knowledge, Collecting Evidence, Translating Research into Action) was a European Commission 7th Framework Programme (FP7) project. It was a 3-year collaborative project involving 11 project partners across the Europe. RAND Europe led the empirical work of PACT, which aimed to: assess existing knowledge about the relationship between security and privacy and the role played by trust and concern; collect empirical evidence through a pan-European survey on the public perception of the relation between privacy, fundamental rights, and security; analyse the main factors that affect public assessment of the security and privacy implications of given security intervention. RAND Europe led the design and analysis of a large-scale survey in which responses were collected from over 26,000 participants across 27 EU Member States (Croatia joined the EU after the project inception) usin Continue reading >>

Bitcoin Private - Wikipedia

Bitcoin Private - Wikipedia

Bitcoin Private (BTCP) is an open-source , peer-to-peer cryptocurrency with the optional ability to keep the sender, receiver, and amount private in a given transaction. [1] This is in contrast to many cryptocurrencies such as Bitcoin , which have a fully transparent transaction history. [3] [4] [5] Bitcoin Private Community Jacob Brutman Ph.D. Jon Layton Christopher Sulmone 1.5625 BTCP, halving every 210,000 blocks or ~1 year [1] [2] Bitcoin Private gives users the option to generate either public or private addresses, redeemable for transactions to either address type. Private addresses work by using use Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge (zk-SNARKs). Evidence of ownership is provided without revealing which units are owned. This means that owners can redeem funds without any traceable history. [1] [6] Bitcoin Private retained Zclassic's Equihash algorithm. [7] Equihash is a memory-intensive proof of work mechanism, making it ASIC -resistant. This reduces centralization by incentivizing mining with accessible hardware. Bitcoin Gold also borrowed Equihash from Zcash . [8] [9] Bitcoin Private is a merge fork of Bitcoin and Zclassic. [10] [11] [12] [13] Zclassic is a fork of Zcash , an implementation of the Zerocoin whitepaper. Zclassic was released in November 2016, [14] by Rhett Creighton, a blockchain developer and minor Bitcoin core contributor in the San Francisco Bay Area . [15] Creighton used the same code as Zcash, with a lack of a founders fee required to mine a valid block. [6] [16] [10] This promotes a fair distribution, preventing centralized coin ownership and control. [10] In December 2017, Creighton announced that he would be restarting Zclassic development after months of inactivity. [17] The Zclassic team announced interest i Continue reading >>

[1706.00916] A Survey On Security And Privacy Issues Of Bitcoin

[1706.00916] A Survey On Security And Privacy Issues Of Bitcoin

Computer Science > Cryptography and Security Title:A Survey on Security and Privacy Issues of Bitcoin Authors: Mauro Conti , Sandeep Kumar E , Chhagan Lal , Sushmita Ruj (Submitted on 3 Jun 2017 ( v1 ), last revised 25 Dec 2017 (this version, v3)) Abstract: Bitcoin is a popular cryptocurrency that records alltransactions in adistributed append-only public ledger calledblockchain. The security of Bitcoinheavily relies on the incentive-compatible proof-of-work (PoW) baseddistributed consensus pro-tocol, which is run by network nodes called miners.In exchangefor the incentive, the miners are expected to honestly maintaintheblockchain. Since its launch in 2009, Bitcoin economy hasgrown at an enormousrate, and it is now worth about 170 billions of dollars. This exponentialgrowth in the market valueof Bitcoin motivates adversaries to exploitweaknesses for profit,and researchers to discover new vulnerabilities in thesystem,propose countermeasures, and predict upcoming trends.In this paper, wepresent a systematic survey that covers thesecurity and privacy aspects ofBitcoin. We start by presenting anoverview of the Bitcoin protocol and itsmajor components alongwith their functionality and interactions within thesystem. Wereview the existing vulnerabilities in Bitcoin and itsunderlyingmajor technologies such as blockchain and PoW basedconsensusprotocol. These vulnerabilities lead to the execution ofvarioussecurity threats to the normal functionality of Bitcoin. Wethen discussthe feasibility and robustness of the state-of-the-art security solutions.Additionally, we present current privacyand anonymity considerations in Bitcoinand discuss the privacy-related threats to Bitcoin users along with theanalysis of theexisting privacy-preserving solutions. Finally, we summarizethecritica Continue reading >>

What Is Bitcoin To A Layman Investor: Survey

What Is Bitcoin To A Layman Investor: Survey

What is Bitcoin to a Layman Investor: Survey A recent survey on investing in Bitcoin has sprouted some interesting data about the currencys application. Bitcoin is still a very enigmatic phenomenon. People are not even sure what it is; a currency ? A store of wealth ala digital gold ? There are different niches of the economy that view it totally differently from each other. However, the real proof in the pudding is what the common man on the Bitcoin Street sees Bitcoin as and how they use and work with the new technology and revolution of money. A recent survey from LendEDU shows how 1,000 Americans utilize their Bitcoin investment and the opinions they have from holding to spending, tax and security. As Bitcoin gains more and more traction, it is bringing in a larger and more diverse slice of the population. No longer the plaything of the technological savvy, there are mothers and teenagers who are investing. According to the raw data presented above, the large majority of people are in the Bitcoin game for the long term revolutionary changes it can bring. This is interesting as there is a strong belief that people are getting into Bitcoin for greed; however, research suggests that only 14 percent of people are chasing riches. Perhaps a deeper dig into the data would suggest that those who see it as world-changing are the same people who are fed up with the way things are now. The traditional money market and exclusive investing ecosystem is being shunned by millennials and the likes. Roshaan Khan, a 20-year-old senior at Virginia Commonwealth University, seems to one of those who would fall into the 40-odd percent: All of my net worth is in cryptocurrencies because I see them as the best way to escalate my ability to be financially secure and pay off my student loan Continue reading >>

Does Blockchain Tech Solve Security Problems Or Cause New Ones?

Does Blockchain Tech Solve Security Problems Or Cause New Ones?

Does Blockchain Tech Solve Security Problems or Cause New Ones? Does Blockchain Tech Solve Security Problems or Cause New Ones? Blockchain technology is often suggested as an answer to the financial world's security problems. Banks on the Swift network are being hacked? Put those international wire-transfer instructions on a blockchain. Card-not-present fraud is up? Well then, merchants should just let people pay with bitcoin. Problem solved. But is it? As recent events have shown, blockchain technology is vulnerable to security problems, too. In August hackers stole $72 million worth of bitcoin from accounts at the Hong Kong cryptocurrency exchange Bitfinex. In June $55 million worth of ether was stolen through a smart contract created by the DAO and executed on the Ethereum network. It all raises questions about the extent to which blockchain can cure security ills. There is some validity to the idea that blockchain technology will solve security problems in banking, experts say. The blockchain is a distributed file system where participants keep copies of the file and agree on changes by consensus. The file is composed of blocks, and each block includes a cryptographic signature of the previous block, creating an immutable record. The network verifies the integrity of the transactions. "Nobody's been able to hack into the bitcoin blockchain and steal bitcoins," said Richard Johnson, vice president of Greenwich Associates. "In that sense, the blockchain itself is very secure. It has very strong cryptography securing it." In a report released Wednesday, Johnson pointed out that for assets digitized on the blockchain, cryptography is used to identify and secure ownership of the asset. "Nobody can steal or copy the digital asset unless they have the secret code or priva Continue reading >>

Dblp: Mauro Conti

Dblp: Mauro Conti

Mauro Conti Pereira Dom Bosco Catholic University, Campo Grande, MS, Brazil Whac-A-Mole: Smart node positioning in clone attack in wireless sensor networks. Computer Communications 119 : 66-82 (2018) Internet of Things security and forensics: Challenges and opportunities. Future Generation Comp. Syst. 78 : 544-546 (2018) An efficient routing protocol for the QoS support of large-scale MANETs. Int. J. Communication Systems 31(1) (2018) Design of Secure User Authenticated Key Management Protocol for Generic IoT Networks. IEEE Internet of Things Journal 5(1) : 269-282 (2018) Robust Smartphone App Identification via Encrypted Network Traffic Analysis. IEEE Trans. Information Forensics and Security 13(1) : 63-78 (2018) Detecting Android Malware Leveraging Text Semantics of Network Flows. IEEE Trans. Information Forensics and Security 13(5) : 1096-1109 (2018) Enhancing QoE for video streaming in MANETs via multi-constraint routing. Wireless Networks 24(1) : 235-256 (2018) The position cheating attack on inter-vehicular online gaming. CCNC 2018 : 1-6 DNA Molecular Storage System: Transferring Digitally Encoded Information through Bacterial Nanonetworks. CoRR abs/1801.04774 (2018) Advertising in the IoT Era: Vision and Challenges. CoRR abs/1802.04102 (2018) Service resizing for quick DDoS mitigation in cloud computing environment. Annales des Tlcommunications 72(5-6) : 237-252 (2017) DDoS victim service containment to minimize the internal collateral damages in cloud computing. Computers & Electrical Engineering 59 : 165-179 (2017) Combating DDoS Attacks in the Cloud: Requirements, Trends, and Future Directions. IEEE Cloud Computing 4(1) : 22-32 (2017) DDoS attacks in cloud computing: Issues, taxonomy, and future directions. Computer Communications 107 : 30-48 (2017) PIndroid: Continue reading >>

Bitcoin Forensics: A Tutorial

Bitcoin Forensics: A Tutorial

Neilson, David and Hara, Sukhvinder and Mitchell, Ian (2017)Bitcoin forensics: a tutorial. In: 11th International Conference on Global Security, Safety & Sustainability (ICGS3-17), 18-20 Jan 2017, Greenwich, London, England. Official URL: Over the past eighteen months, the digital cryptocurrency Bitcoin has experienced significant growth in terms of usage and adoption. It has also been predicted that if this growth continues then it will become an increasingly useful tool for various illegal activities. Against this background, it seems safe to assume that students and professionals of digital forensics will require an understanding of the subject. New technologies are often a major challenge to the field of digital forensics due to the technical and legal challenges they introduce. This paper provides a set of tutorials for Bitcoin that allows for leaners from both backgrounds to be taught how it operates, and how it may impact on their working practice. Earlier this year they were delivered to a cohort of third year undergraduates. To the authors knowledge, this represents the first integration of the topic into a digital forensics programme by a higher education provider. Continue reading >>

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