Advanced topics in

Subject: Mobile Computing

Cyber Security

Name: Andleeb
Roll no: BSCS-17-23
Submitted to: Sir Nabeel
 Blockchain And
Blockchain and cryptocurrency : cryptocurrency
Attacks

• Blockchain basically refers to how the data is stored in ”blocks” of

information and then linked together in a permanent “chain.”
• When a new block is added to the chain, it makes the previous
blocks even harder to modify, which helps each block become more
and more secure over time.
• Blockchain is most widely associated with cryptocurrencies like
bitcoin
But its not an cryptocurrency.
Blockchain is itself not a cryptocurrency

• Blockchain Is Decentralized/Distributed Network:

Blockchain is decentralized and not stored on a single master computer
or controlled by one company, bank, or organization.
Rather, it is distributed over many computers that are in the network.
• Blockchain Is Accurate:
 Every action in a blockchain is recorded and there is nothing left out.
Once the action is recorded and stored in an information “block”
no one can change it. 
• The entire record is available to anyone in the decentralized system.
Blockchain is immutable

• Cannot change the data once it is committed to the ledger

• Only create and read operations are performed in blockchain
• Blockchain can be used to solve many real-world problems as it is a
global system and not only used in financial sector.
For Example:
• Blockchain in healthcare: offering a secure digital environment,
capable of storing and managing patient information in a verifiable
manner and it is publicly accessible in real-time by anyone in
the healthcare service provider chain.
Processing occurs in 6 steps:
What is Cryptocurrency?

• A cryptocurrency (or “crypto”) is a digital currency that can be used to buy

goods and services, but uses an online ledger with strong cryptography to
secure online transactions.

• The first blockchain-based cryptocurrency was Bitcoin, which still remains

the most popular and most valuable.

• Other than bitcoin we have Ethereum(ETH), Litecoin(LTC), Polka dot(DOT)

• Cryptocurrency’s price fluctuates gradually with time.
 On the surface,
blockchain seems to

Blockchain and cryptocurrency Attacks be a solid and

transparent system
immune to fraud or
deception

• Ethereum blockchain has been compromised many times in the

past due to attacks on Ethereum by third-party involvement since
2016.
• . In reality, MIT reports that hackers have stolen nearly $2 billion
worth of cryptocurrency since 2017.
• In January 2019, Ethereum Classic was subject to double-spending
attacks. Again from July through August 2020, Ethereum Classic
(ETC) suffered many times from 51% attacks.
• $500 million was lost or stolen due to poorly coded contracts, and
one-half of those involved Ethereum, Bitcoin.com reported.
Blockchain technology impedes specific type of online malicious activities: double-spending

• Double-spending occurs when a blockchain network is disrupted and

cryptocurrency is essentially stolen.
• Double-spending is a potential flaw in a digital cash scheme in which the
same single digital token can be spent more than once
Although it is not common, double-spending does occur.
• Finney attack, race attack, 51% attack, eclipse attack, DDoS
routing attack, parity multiset parity attack on
a blockchain becomes more difficult as more computing power is
added to the network.
But 51% attack is very dangerous for crypto
 51%
Potential Risks to Cryptocurrency Attack

• A 51% attack may occur when a single miner node, which happens
to have exceptionally more computational resources than the rest of
the network nodes, dominates the verification and approval of
transactions and controls the content of a blockchain.
• As it possess more than half (51%) of the network’s processing
power,
 the dominant node can outpace all other nodes
 manipulate the blockchain
 insert fraudulent transactions
double-spend funds, or even steal asset from others
51% Attack
Potential Risks to blockchain and Identity
theft
Cryptocurrency
 The security of assets depends on safeguarding the private key, a
form of digital identity. If one’s private key is acquired or stolen, no
third party can recover it.
Consequently, all the assets this person owns in the blockchain
will vanish, and it will be nearly impossible to identify the thief.
 The consequences may be more devastating than identity theft in
the offline world, where third-party institutions (e.g., credit card
companies) or central authorities safeguard transactions, control
risks, detect suspicious activities, or help find culprits.
 With the advent of quantum computing, it is not impossible for
cryptographic keys to be cracked quickly.
“Hackers see crypto jacking as a cheaper more
profitable alternative to ransomware”

• Crypto jacking is the unauthorized use of someone else’s computer to

mine cryptocurrency. Hackers do this by either getting the victim to click
on a malicious link in an email that loads crypto mining code on the
computer, or by infecting a website or online ad with JavaScript code that
auto-executes once loaded in the victim’s browser.
• The simple reason why crypto jacking is becoming more popular with
hackers is more money for less risk.  
New Gold Rush Cryptocurrency are the Fresh
Frontier of fraud

 Crypto jacking doesn’t even require

significant technical skills.
 According to the report
from Digital Shadows,
crypto jacking kits are available
on the Dark Web for as little as $30.
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