Bitcoins

Bitcoins

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  LUCIDEUS PVT TECHLTD. DOCUMENT ON BITCOINS What is Bitcoins? Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto unveiled the idea in 2008 to an obscure internet mailing list, and released it as open-source software in 2009.There have been several high profile claims to the identity of Satoshi Nakamoto; however, none of them have provided proof beyond doubt that back up their claims. The system is peer-to-peer and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes and recorded in a public distributed ledger called the block chain, which uses bitcoin as its unit of account. Since the system works without a central repository or single administrator, the U.S. Treasury categorizes bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed and it is more correctly described as the first decentralized digital currency. Bitcoin is the largest of its kind in terms of total market value. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. This activity is called mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being obtained by mining, bitcoins can be exchanged for other currencies,] products, and services. When sending bitcoins, users can pay an optional transaction fee to the miners. February 2015, the number of merchants accepting bitcoin for products and services passed 100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much momentum in retail transactions. The European Banking Authority and other sources have
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  warned that bitcoinusers are not protected by refund rights or chargebacks. The use of bitcoin by criminals has attracted the attention of financial regulators, legislative bodies, law enforcement, and media. Criminal activities are primarily centered around darknet markets and theft, though officials in countries such as the United States also recognize that bitcoin can provide legitimate financial services. Ownership Ownership of bitcoins implies that a user can spend bitcoins associated with a specific address. To do so, a payer must digitally sign the transaction using the corresponding private key. Without knowledge of the private key, the transaction cannot be signed and bitcoins cannot be spent. The network verifies the signature using the public key. If the private key is lost, the bitcoin network will not recognize any other evidence of ownership; the coins are then unusable, and thus effectively lost. For example, in 2013 one user claimed to have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard drive containing his private key. Transactions A transaction is a transfer of Bitcoin value that is broadcast to the network and collected into blocks. A transaction typically references previous transaction outputs as new transaction inputs and dedicates all input Bitcoin values to new outputs. Transactions are not encrypted, so it is possible to browse and view every transaction ever collected into a block. Standard transaction outputs nominate addresses, and the redemption of any future inputs requires a relevant signature. All transactions are visible in the block chain, and can be viewed with a hex editor. A block chain browser is a site where every transaction included within the block chain can be viewed in human-readable terms. This is useful for seeing the technical details of transactions in action and for verifying payments.
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  How Hackers useBitcoins or why it is known as hacker’s money? There are Basically two ways a hacker could hack BitcoinSystemfor Stealing Bitcoins. He is either able to get the Blockchain password (Wallet key) of a User or a group of user and then use it to transfer all bitcoins from user’s walletto his AnonymousWallet. Or he could actually Hijack Bitcoin Mining Pool and redirect all of its computing power to Mine Bitcoins for himself.  Hacking block chain password (Stealing private key). Owning a Bitcoin Wallet literally means owning a PrivateCryptographic Key (Blockchain Password) to unlock Wallet address of other users in order to send them Bitcoins. Usually this Private Cryptographic Key is a long string of numbersand letters. You may chooseto store your key in a number of places including a paper printout, a hard drive, or an Online Drive. No matter where you store your Private key, your wallet is vulnerable to theft since the hacker simply needs to gain access to your Private key. Mostly Hackers target ‘Online services ‘that store the private keys for a large number of users. In this case the Hacker just takes help from the insiders at the ‘Online service’ or Hacks the Server, copying database of private keys and gain control of the bitcoins at all those addresses. The Hacker can now spend all of those Bitcoins wherever he wants. Alternatively, If the Hacker Knows a Specific Bitcoin Miner or a Company involved in Mining, he could just infect their Systems with a Malware that would search for Private Keys Stored on their System drives or he could hack into their pool account and change the payout address.
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   HackingBitcoinMiningPools In August2014, a Hacker was able to Mine $84k worth of Bitcoins by Hacking into Bitcoin mining pool, by gaining access to the ISP Infrastructure and diverting the computing power of private Bitcoin “mines” to his own Mining pool. Hacking Bitcoin Pool involves gaining control of the processing power of a group of bitcoin miners (Mining Pool), the users who spend processing power to add new coins to the currency’s network and who are inturn rewarded with a cut of the resulting crypto-currency the pool produces. The Hacker Redirects the Computing Power of Pools participants to his private pool by tricking them into continuing to devote their processors to bitcoin mining. All for Him. The Researcher found out that Hackers Are Targeting ISP’s and then compromising the service known as the ‘Border Gateway Protocol’ (BGP) that is designed to connect different networks on the internet together. With so-called border gateway protocol, Hackers are able to redirect traffic destined for a legitimate mining pool to his own pool. Executing such type of hacking is very difficult and requires Help from Insiders of ‘Internet Service Provider’, given that it requires inside access to an ISP. That’s all we have right now and Please note that carrying out any of such Bitcoin hacking attacks is an Offence. Use at your own discretion. The attackers, whose name remains "DDOS for Bitcoin," would undermine organizations with such network assaults, requesting a payout in Bitcoin in return for not continuing their attacks (In a September report, Internet services supplier Akamai uncovered that it had recorded 141 such attacks from the group). The attention was drawn to the group after that report may have inspired copycat offenders, Bradshaw said. Another group called Armada Collective rapidly sprang up, utilizing the same strategy as DD4BC, and Recorded Future said it had yet found a few late Dark Web deals for data on the best way to direct comparable attacks.
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  The DDOS intimidationinfrequently worked, as the attackers requested moderately minimal expenditure—as a rule somewhere around 10 and 200 Bitcoin, or $4,100 to $82,000 at the present exchange scale. A gathering calling itself Armada Collective—which may not be the one that initially claimed the name—seems to have increased the ante, demanding that three Greek banks all pay 20,000 bitcoins (worth more than $7 million at the time). Despite seeing disturbances in exchanges for a period, each of the three banks declined to pay the payoff and employed increased levels of security against any such future DDOS attacks. "Even so, the DDOS danger scene keeps on advancing. While digital extortion has been around for a long while, the appropriation of Bitcoin as a strategy for payoff will keep on pulling in new hackers into the DDOS space," the Recorded Future report finished up. Talking with Coin Telegraph, Bradshaw said he thought the obscurity generally connected with cryptocurrencies (of which Bitcoin is the most well-known) "is really alluring" for those considering digital blackmail. Prior plans depended on financial balances or cash orders, he said, so crooks felt they were at more serious danger of being found by governments.
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  AUTHOR Tushant Sharma (LCEHCERTIFIED FROM LUCIDEUS TECH PVT LTD.) I Made this document to understand what is bitcoins and how it is used by hacker or why it is known as hacker’s money. Bitcoins is a digital money or we said a currency which is use as reward for payment processing work in which users offer their computing power to verify and record payments into a public ledger. Its transactions are done through networks and collected into blocks the hackerssteal these bitcoins in two ways either they able to get Blockchain password (wallet key) of users or a group of users and transfer all the bitcoins from user wallet key to his/her Anonymous wallet or they could hijack bitcoin mining pool and redirect all of its computing power to Mine Bitcoins for himself. So this is all about bitcoins and hacker’s money through which criminal hackers earn.
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  About Lucideus TechPvt Ltd. Training: Lucideus has advanced training labs equippedwithbest in class tools and systems whichprovides astudent the mass ideal environment tograspthe skills requiredinan enterprise informationsecurity team. Currently our labs are only locatedin NewDelhi, India. The training sessionare dividedintotwogrades, Grade 1 and Grade 2 of 40 hours in which you can learnthe various things relatedtocybersecurity because as you all seeninlogo of LUCIDEUS there is tag line securing digital. Training Participating students alsoget LCEH Certificates andtools after endof their training sessions for practicing. Here are the best trainers whoguide you and best knowledge about cyber security. Saket Modi Sir has been awarded the title of "Indian Ambassador of Cyber Security in Education" at the National Education Awards 2013. Over last 5 years, he along with his team have been conducting training and consultancy sessions across the globe. He is a visiting faculty on subjects of information systems and security at multiple universities in South Asia and North America. At a young age, he has already trained more than 5000 individuals across 100 plus Colleges, Corporates & Government Departments. Multiple Fortune 500 companies, Intelligence Agencies, Special Task Forces etc. have been availing his services from time to time. Saket is also an advisor to reputed banks, oil & gas companies and e- commerce portals in designing and deploying safe cyber architectures for their business. (CEO of LUCIDEUS TECH PVT LTD.) Rahu Tyagi Sir l is a post-graduate with majors in Computer Science and has conducted to his account, more than a hundred training sessions globally in past 5 years. Being a cyber space researcher himself, Rahul Tyagi sir can claim to have found critical vulnerabilities on websites of Intel, Sony, HP, Discovery Networks, TED and many more. He is also listed in BlackBerry Hall of Fame for his contributions to the organization. A Published Author of two books - Hacking Crux 1 & 2 - both on information security. Hehas been covered extensively by the global media and is one of the most followed Indian Information Security Expert on various social media platforms. (Vice-President and training head of LUCIDEUS).
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