The Latest Victims of DDoS Attacks: Banks and Bitcoin XT
- In the wilder days of 2013 -14, and to an extent, even today, such attacks were a common problem faced by bitcoin exchanges and other sites.
While banks are increasingly evaluating the merits of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, they are typically not mentioned in the same sentence as Bitcoin XT, the controversial proposal to increase Bitcoin's block size.
Today, however, they have the unfortunate privilege of sharing at least one thing in common: both have reportedly become targets of DDoS (distributed denial of service) attacks. These involve an attacker, from distributed points of origin, attempting to overwhelm a central server with enough requests to knock it out of service.
In the wilder days of 2013 -14, and to an extent, even today, such attacks were a common problem faced by bitcoin exchanges and other services. In those cases, the strategy was to overwhelm the system so as to break down its defenses that protect precious assets, such as bitcoin wallets.
The elementary damage is simply the downtime experienced by the website. According to Neustar, cited by Bloombergin a piece on the latest wave of attacks hitting banks, large enterprises stand to lose as much as $100,000 per hour. There is also reputational damage inflicted when customers begin to question the service's reliability.
Indeed, at least two companies- a bitcoin gambling business and an unnamed bank- have caved in during the latest 'DD4BC' attacks. An acronym for "DDoS for Bitcoin", the gang threatens to take down websites if a bitcoin ransom isn't paid by a certain time. Demands range from 25 BTC ($6,150) to 100 BTC ($25,000).
And the attackers are not forgiving. After an initial attack to prove their capabilities, the victim is warned that a full-scale version will be unleashed if payment is not received within 24 hours. "But if you ignore us, and don't pay within 24 hours, long term attack will start, price to stop will go to 100 BTC and will keep increasing for every hour of attack," say the attackers, via e-mail.
Once payment is made, the victim is ostensibly off the hook. "Remember this: It's a one-time payment. Pay and you will not hear from us ever again! We do bad things, but we keep our word."
DD4BC is one of the latest weapons in an arms race between cybercriminals and cybersecurity. A popular iteration reported earlier this year was ransomware such as CryptoLocker that locks a victim's files, threatening to render them permanently encrypted if a bitcoin ransom isn't paid.
In all cases, Bitcoin is the trusted agent for payment, leaving the attackers practically anonymous and not apprehendable, and the payment irreversible.
Bitcoin XT Gets Its Turn
The heated, at times ugly issue of Bitcoin's block size may have stooped even lower. MIT Technology Review reports that several supporters of Bitcoin XT were DDoS'ed. Satoshilabs, which operates Slush Pool, was reportedly hit. It received a message that the attack would only end once it turns off its support for Bitcoin XT. Support for the implementation is expressed by miners, but it is believed that the number has dwindled lower due to such attacks.
ChunkHost, a web Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term company, reportedly had a client who was attacked for switching Bitcoin ATM software to Bitcoin XT. Several others reportedly complained online after experiencing such attacks.
Bitcoin XT supporters have alleged censorship on forums such as reddit, and have proposed various measures to get around it.
While banks are increasingly evaluating the merits of Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technology, they are typically not mentioned in the same sentence as Bitcoin XT, the controversial proposal to increase Bitcoin's block size.
Today, however, they have the unfortunate privilege of sharing at least one thing in common: both have reportedly become targets of DDoS (distributed denial of service) attacks. These involve an attacker, from distributed points of origin, attempting to overwhelm a central server with enough requests to knock it out of service.
In the wilder days of 2013 -14, and to an extent, even today, such attacks were a common problem faced by bitcoin exchanges and other services. In those cases, the strategy was to overwhelm the system so as to break down its defenses that protect precious assets, such as bitcoin wallets.
The elementary damage is simply the downtime experienced by the website. According to Neustar, cited by Bloombergin a piece on the latest wave of attacks hitting banks, large enterprises stand to lose as much as $100,000 per hour. There is also reputational damage inflicted when customers begin to question the service's reliability.
Indeed, at least two companies- a bitcoin gambling business and an unnamed bank- have caved in during the latest 'DD4BC' attacks. An acronym for "DDoS for Bitcoin", the gang threatens to take down websites if a bitcoin ransom isn't paid by a certain time. Demands range from 25 BTC ($6,150) to 100 BTC ($25,000).
And the attackers are not forgiving. After an initial attack to prove their capabilities, the victim is warned that a full-scale version will be unleashed if payment is not received within 24 hours. "But if you ignore us, and don't pay within 24 hours, long term attack will start, price to stop will go to 100 BTC and will keep increasing for every hour of attack," say the attackers, via e-mail.
Once payment is made, the victim is ostensibly off the hook. "Remember this: It's a one-time payment. Pay and you will not hear from us ever again! We do bad things, but we keep our word."
DD4BC is one of the latest weapons in an arms race between cybercriminals and cybersecurity. A popular iteration reported earlier this year was ransomware such as CryptoLocker that locks a victim's files, threatening to render them permanently encrypted if a bitcoin ransom isn't paid.
In all cases, Bitcoin is the trusted agent for payment, leaving the attackers practically anonymous and not apprehendable, and the payment irreversible.
Bitcoin XT Gets Its Turn
The heated, at times ugly issue of Bitcoin's block size may have stooped even lower. MIT Technology Review reports that several supporters of Bitcoin XT were DDoS'ed. Satoshilabs, which operates Slush Pool, was reportedly hit. It received a message that the attack would only end once it turns off its support for Bitcoin XT. Support for the implementation is expressed by miners, but it is believed that the number has dwindled lower due to such attacks.
ChunkHost, a web Hosting Hosting Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Hosting refers to the location of a broker’s technology stack. This is one of the most crucial elements of a brokerage that helps prevent the company from losing money due to being unable to mitigate latency risks.Brokers or exchanges are traditionally very vulnerable to latency arbitrage due to the speed with which financial markets move. The traditional datacenter locations for forex brokers are all centered at Equinix facilities around the globe. What Are the World’s Foremost Data Centers?Sin Read this Term company, reportedly had a client who was attacked for switching Bitcoin ATM software to Bitcoin XT. Several others reportedly complained online after experiencing such attacks.
Bitcoin XT supporters have alleged censorship on forums such as reddit, and have proposed various measures to get around it.