Sunday, April 16, 2017

Cyber hacker group going after Bitcoin wallets to break their encryption and steal currencies

Over the past right years there have been a number of cyber hackers who have either sought to provide whistleblowers a way to disseminate information, or even worse, to hack into any number of monetary and banking systems in order to steal large sums of money.

In the sovereign world the biggest case of cyber-theft came when hackers broke into the SWIFT system and stole nearly $100 million from the Indonesian government.

But a new cyber group is going after a different type of game, and the now stated goal of the aptly named, Large Bitcoin Collider, is to blitz the encryption of digital Bitcoin wallets to break their 'impenetrable security' in order to steal any digital currency kept in those wallets.

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A group called the "Large Bitcoin Collider" claims it can smash open bitcoin wallets by using a so-called brute force attack, which directs mass amounts of computer power at individual wallets in order to guess their private keys. 
The project, which has been underway for months, relies on a distributed network of computers (similar to bitcoin itself), and invites anyone to participate—those who do could potentially share in the proceeds of the wallets cracked open. 
A "trophy list" on the home page of Collider (an apparent reference to the Hadron Collider) suggests the group has successfully opened over a dozen wallets, though only three had any bitcoin in them. It's unclear if the group is motivated by financial gain or the cryptographic challenge of smashing wallets—the answer is probably both based on the site's webpage and outside observers. - Fortune
On the surface this hacker group appears to be less interested in money, and more interested in causing havok for individuals who believe their Bitcoin is secure in an online wallet.  And since anything online can eventually be hacked by someone with enough time, tools, and skill, the answer to this is to take your Bitcoin wallet offline, and keep your currency stored in a more secure 'Paper wallet'.

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