Siege on Bitcoin

Siege on Bitcoin

On the 17th April 2017, Bitcoin reported it was under threat from a group formed under the banner of the “Large Bitcoin Collider’(LBC). The group aims to attack user’s wallets by directing..

How will Bitcoin protect its users from the ‘collider’ attack?

On the 17th April 2017, Bitcoin reported it was under threat from a group formed under the banner of the “Large Bitcoin Collider’(LBC). The group aims to attack user’s wallets by directing a large amount of computer power at them and then take their contents. On their website, they outline their mission to defeat the notion that Bitcoin is ‘un-hackable’. The group is made up of random volunteers who agree to hack for the group and if they succeed the proceeds go to all members.

How are they attempting to hack into Bitcoin users ‘wallets’?

The “Large Bitcoin Collider’ aims to use a mass cryptographic method to decode and access users accounts. Each bitcoin address that has funds or ‘bitcoins’ can be open by corresponding private keys which are created when the address is. The only way to conceivably get access to these accounts through these keys would be to generate a massive amount of possibilities and then run them through the servers. The LBC hopes to accomplish this by attracting many hackers to generate the computing power needed to do this. On the website, they give you the option to download their software and run a program to generate enough ‘keys’ and then run them by accounts. The Collider has so far created and checked 3,000 trillion private keys.

What is the likelihood of a complete ‘crack’ and where would the money go?

The current chances of the LBC succeeding in their pursuit to crack the system is miniscule as the possible outcomes of the generator and the keys matching are almost impossible. But if more users join and generate codes everyday over the next few years, there remains a possibility that there could be a couple of users whose bitcoins could be taken. On this happening the website clearly states that on finding the key, the member of the pool will receive 10-15% as on removing all the money from the account suspicions will arise. Along with the activity being reported the actual amount matters in the conviction in Europe and in some North American countries. It would vary the sentence of the accused.

Assessment

Regardless of the system’s encryption, Hackers will take it on themselves to break through and gain access to even the hardest systems. Bitcoin has long boasted its iron wall of protection but groups like the ‘Large Bitcoin Collider’ are not alone in their pursuit of the bitcoins. It is now up to Bitcoin to up their firewalls and use different coding systems to guarantee their keys are safe amongst their users and even an organization which aims to mimic the ‘Hadron Collider’ in its power cannot breach their defenses. 

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