Blockchains have the ability to withstand traditional cyber attacks, but cyber hackers are coming up with newer ways to easily hack blockchains, or in other words, blockchains are not as secure as you think. It is true that all blockchain technology is integrated, but even the strongest blockchains are hacked by attackers. In the rest of this article, we want to tell you about the types of blockchain attacks so that you can get useful information about blockchain hacking methods.
Labels: Order to build a Forex robot , Build a stock trading robot , Build a trading robot , Trader robot design , Free Forex Robot , Forex robot programming , Forex Expert Making Tutorial , Build a trading robot with Python , Download Forex Trading Robot , Buy Forex Trader Robot , Automated Forex Robot , Free stock trading robot , Learn how to build a Forex trading robot , Alpari trading robot , Forex robot for Android , MetaTrader robot design , MetaTrader robot programming , Forex robot design , Forex robot programming , Automated trading
Majority or 51% attack
One of the blockchain attacks is the 51% attack. This attack occurs when the hacker controls 51% of the network’s hash rate and creates an alternative fork to take precedence over the existing forks. To learn about digital currency forks, read the article on digital currency forks. To understand this issue, we start with a simpler expression; In this type of blockchain attacks, all the hashing power of a blockchain network is given to one person or a group, and hence it will cause disruption in the blockchain network. When the control of the network is given to an individual or group in the blockchain network, it causes the order of transactions to be changed or deleted and may even reverse the transactions. Of course, hackers also use this method to sell a digital currency with a price drop, so there is a possibility that that currency will be removed due to lack of security.
These blockchain attacks have also happened on 5 cryptocurrencies, namely, ZenCash, Monacoin, Bitcoin Gold and Litecoin Cash, as well as another example of 51% attacks that happened on the Ethereum network in 2020. In this attack, it resulted in a loss of 5.6 million dollars for ETC digital currency. It is likely that the hackers were well aware of ETC as they were able to extract 4,280 blocks from the network over the course of four days, after which the platform became aware of the attack. This hacker attack did not end, so that five days after this incident, ETC again happened, and in the second 51% attack, a miner reorganized 4000 blocks. If you are looking to learn how to mine Ethereum, this page can help you a lot.
One of the blockchain attacks is the DIDAS attack, in this method of hacking the blockchain, the attackers use a lot of computers to generate heavy traffic and send it to the blockchain network in such a way that they prevent the normal activity of the network and the network in several The clock is not able to work.
The most important attack using this method can be mentioned the Steemt attack as well as the Bitcash exchange. It is in this way that the attacker takes over the online machines for the attack, along with other computers and systems that are infected with malware, they become robots. Finally, with the remote control it has over a group of bots known as a botnet, it directs machines and thus increases traffic on the network. Note that this method can be created on top of any online service and cause disruption or prevent users from accessing it.
In this attack, unlike other attacks, it does not try to destroy or change your security environment. The main purpose of DIDAS attack is to prevent your website or servers from being accessible to legitimate users. Also know that DIDAS attack is very destructive because it may attack for days, weeks and even months and due to the large interruption in the activity of users, it weakens the trust of the consumer and also damages their reputation for a long time.
Read more: Differences between Bitcoin and Ethereum
Another blockchain attack is the speed attack, in which the hacker sends two transactions at the same time, only one of which is confirmed. By performing a speed attack, a hacker seeks to buy something with an unverified transaction and void it before it is verified. Of course, this attack is possible when the trader or the receiver has accepted the unconfirmed transaction. This attack is very similar to Finney hack, only the speed attack is possible when the receiver accepts an unverified transaction.
In blockchain attacks, Siebel attack tries to change a peer-to-peer style with fake identities, and these fake identities are not actually normal users. Of course, it is better to know that these fake identities are controlled by a real identity. These fake identities create a double power of voting in the network, which the controller of fake identities has the ability to influence the network by means of this power. To cite an example of Siebel’s attack, we can refer to the American elections, in which Russia influenced the process and even the outcome of the election by creating fake user accounts.
Read more: What is Frax cryptocurrency?
It is very important to recognize this type of blockchain hacking method because the Siebel attack is very effective on voting and collective decisions, so it is very important. Also, Siebel attacks may censor some participants, which by surrounding your node with a number of Siebel nodes, makes you unable to connect to the real nodes of the network, and therefore you will not have access to receive information or send information to the network.
In this article, we have covered various methods of hacking block pin, one of the issues that users of the blockchain network believe is the security issue of this network, which hackers and cyber attackers have proven in today’s modern world, this network is also not 100% safe. There have been four types of attacks in the north, which are called 51% attack, Didas attack, speed attack and Siebel attack, and they have been very dangerous for the security of the blockchain network and even investors. Of course, the developers of this network are looking for the computing power of this network to increase over time to make it more difficult for attackers to attack.