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Hacking Bitcoin System – How Bitcoin hacking is carried out by hackers?

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. Today let us see how Hackers are hacking Bitcoin System and stealing Bitcoins worth Thousand of Dollars.

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 a Anonymous currency, that keep a person’s real identity separate from his digital address. So if at all the hackers Wallet address gets tracked, It wont be of any use since his real identity is still unknown.

Hacking Bitcoin System

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 a few clever tricks built in Bitcoin System so that altering a 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.

There are Basically two ways a hacker could hack Bitcoin System for 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 users wallet to his Anonymous Wallet. Or he could actually Hijack Bitcoin Mining Pool and redirect all of its computing power to Mine Bitcoins for himself.

1) Hacking Users Blockchain 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.

Hacking Users Blockchain Password

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

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 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.

Hacking Bitcoin Mining Pools

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, H

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