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Hackers netting huge profits from crypto-currency heists

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Matthew Sparkes
London Telegraph
August 11th

Security experts have uncovered evidence of two huge cyber attacks targeting crypto-currencies such as Bitcoin, warning that the digital money is “ripe for exploitation”.

In one, the thief was able to redirect internet traffic from at least 19 internet service providers (ISPs) to steal crypto-currency from a group of Bitcoin miners. For several short bursts of around 30 seconds the hacker was able to hijack “mining pools” which collaborate to unearth new coins, and redirect any profit to his or her own wallet by using high level protocols that allow the internet’s largest networks to communicate and cooperate.

Researchers from Dell Secureworks estimate that at its peak the hacker was able to steal $9,000 each day of Bitcoin, Dogecoin and Worldcoin. During the attacks the hacker was benefiting from the computing power donate by the pool members, diverting their profits.

“With this kind of hijacking, you can quite easily grab a large collection of clients,” says Pat Litke, one of Dell Secureworks’ researchers. “It takes less than a minute, and you end up with a lot of mining traffic under your control.”

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This article was posted: Monday, August 11, 2014 at 4:57 am

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