How Hackers Hack Bitcoin

Posted: 19 Nov 2017 04:30 AM PST

Hello guy's in today's post i will be sharing with you How Hackers Hack Bitcoin but  Before we begin with bitcoin hacking, I believe you have sufficient knowledge about how Bitcoin System works and how you can Mine Bitcoins; If not please head over to this post.

Since Bitcoin doesn't have a currency characteristic, it cannot be deposited in the bank. It is held in a Software that acts as a 'digital wallets' which is proven to be vulnerable to thieves and hackers.

The added advantage for hackers is that Bitcoin is also an Anonymous currency, that keeps a person's real identity separate from his digital address. So if at all the hackers Wallet address gets tracked, It won't be of any use since his real identity is still unknown.

The very Fact that all Bitcoin transactions are permanent and cannot be undone, gives hackers a free hand to steal Bitcoins and get away with it.

In fact, there are many clever tricks built within Bitcoin System that makes sure, altering any ledger entry in the blockchain invalidates all subsequent entries. So It is Practically Impossible to Undo Payments in this case "Stolen Bitcoins" unless the hacker himself agrees to return the stolen Bitcoins.

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Bitcoin Hack:

1 Hacking Users Bitcoin wallet Password (Stealing Private Key)

Owning a Bitcoin Wallet literally means owning a Private Cryptographic 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 numbers and letters. You may choose to 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.,

2 Hacking Bitcoin Mining Pools and Exchanges

In August 2014, 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 in turn 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.

BitCoin Money Adder" – Is it possible to mine Free Bitcoins using Software?

So you want to increase your Bitcoin wallet balance, you have been working hard and suddenly you come across a website that offers free Bitcoins by using a "BITCOIN MONEY ADDER" Software.

You quickly click-through couple of links to download the software and Bam! you are either required to complete a Survey/Offer or send them your hard earned dollars to get a Serial key for the so called "BITCOIN MONEY ADDER" software to work.

This doesn't end here, you are probably going to complete their Survey/Offer and in the worst case you will send them money in the hope of getting your Bitcoin Money to be piled up with dozens of Bitcoin's everyday

Are these BitCoin Money Adder software's Real?

If you have been through the above Scenario, you would know that its all SCAM. There is No way to increase your Bitcoin Balance Illegally, besides you cannot hack your Bitcoin Wallet. Just leave these methods aside and follow the legitimate ways.

These Websites Pretend of having found an exploit to add balance to your Bitcoin wallet. According to them, It doesn't matter if your Computer is old, this program (Bitcoin Money Adder) doesn't use CPU or GPU to generate Bitcoin's rather it uses crypt logic from computer hardware to generate Bitcoin's block amount unit balance. That's how foolishly they lure people looking for Bitcoin balance.

The worst part is they accept payments in the form of Bitcoin's as well. By now you should know that if i have found the exploit then why would i be letting other people know about the exploit and demand money for it. Instead i would mine Bitcoin's for myself with the trick.

Why did they create this Fake Software?

Its simple, They are making serious money from you. They either make money by asking you to complete Surveys Or by actually asking you money for the fake software. In the worst case, Some software's are coded with Malware that affects your PC and use your resources to mine Bitcoin's for the software's authors.

A Word of Advice: Stay away from easy money. You will loose what you have in your wallet.

Thanks for reading this post if you find this post useful,kindly share with your friends and love ones,And don't forget to leave a comment below should find anything difficult