Cybersecurity and Blockchain

Blockchain seems to have been over the last few years one of the words attracting quite a bit of attention. As the functional attribute providing the backbone for cryptocurrency several new protocols were popping up. A handful were prepared for their introduction, while too many others were not. This was to provide a promise for those investing and using cryptocurrency. With this in place, the crypto currency was safe.

This was heralded as the one application of computer science engineering which was not vulnerable to a successful attack. By all accords for those directly, intrinsically involved in the industry, this was nothing to worry about due to the structure and framework used by the blockchain.

Not Merely a Theory-Coinbase

It would be easy enough to spout on how the blockchain apps could be hacked. There are many theories on how this could be done. A portion of these are exceptionally complicated, while other are relatively more simple.

In January 2019, the theory became reality. The security team at Coinbase was working through the day, just like any other. At some point, they began to note strange occurrences focussed on Ethereum Classic. This exchange platform is generally used to purchase and sell cryptocurrency. The attackers had control of over half of the Coinbase network. The attacker's efforts allowed them to rewrite the transaction history.

The rewriting of the transaction logs allowed the group to double-spend. Gate.io lost approximately $200k. This was not the only successful attack. Since 2017, there has been nearly $2B of cryptocurrency stolen, and this is the publicly revealed amount.

Market's Attitude

Honestly, the market should not be shocked by this turn of events. There is a mass amount of cryptocurrency in these platforms waiting to be attacked. These attacks are not easy to complete successfully. This being said, as long as there is money or assets to steal, there will be targets

About the Author - Charles Parker, II has been working in the info sec field for over a decade, performing pen tests, vulnerability assessments, consulting with small- to medium-sized businesses to mitigate and remediate their issues, and preparing IT and info sec policies and procedures. Mr. Parker’s background includes work in the banking, medical, automotive, and staffing industries.

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