It seems that every day there are new stories of big corporations having their server or website hacked by an outside source. Software vulnerabilities seem to be everywhere, and this has become a leading concern for both businesses and individuals who want to protect their data and privacy.
For the developers of the Bitcoin Core, it looks like the security of Bitcoin and their software system is not immune to hacking attacks, as they look to deal with one of the most dangerous outside attacks to cryptocurrencies.
The Security of Bitcoin and the Doomsday Date
On September 18, the developers of Bitcoin Core announced that they had released a fix after the DDoS attack had revealed a vulnerability in the software system. It was discovered that the attack could succeed simply by flooding the full node operators with a heavy amount of traffic, which would instantly trigger a crash of the system’s network.
A fix was immediately provided by developers but was not able to defeat the bug, which was identified by the developer of the Bitcoin Cash, Awemany. They concluded that the virus, CVE – 2018 – 17144 was quite possibly the most serious and catastrophic bug that the cryptocurrency world had ever seen.
What made this vulnerability so serious was that it allowed hackers to artificially inflate the supply of bitcoin by using a very simple type of double input command. This would cause the value of bitcoin to decrease dramatically because of a rapid increase in supply.
Hacking Cryptocurrency Is Not New
Software vulnerabilities have been an issue in the crypto community for quite some time. Within the last year, one of the leading cryptocurrency networks experienced a serious vulnerability right as the network was beginning to develop. Not long after, the same thing happened to Ethereum when a series of denial-of-service attacks occurred, which significantly delayed the operation of the nodes of the network.
This recent attack on Bitcoin Core is a reminder of the consensus code. In this attack, minors were able to crash huge blocks within the node as the software tried to validate transactions. This led to a massive crash of the bitcoin infrastructure.
The concern about the security of the system is well-founded. It is believed that if malicious minors can bypass system securities and protocols, they could easily reward themselves with 12.5 BTC, a value of approximately $80,000. This could easily cause destruction to the entire system, as the value of the digital currency would drop rapidly while sending shock waves to current bitcoin holders.
Consumers Not Worried…Yet
The value a bitcoin increased 2.69% last week, rising to over $6700. It has fluctuated between $6200 and $6600 for quite some time, so the increase is not surprising.
However, what is surprising is that it is occurring on the heels of this news. Even Ethereum was up 10% after gaining 16% the previous week.
Consumers seem to be confident in the value of bitcoin and its ability to remain stable, but one has to wonder how long this confidence will persist as attacks become more frequent. This is leading some to believe that governmental intervention within the digital currency world is becoming more imperative.
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