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Blockchain is under threat from cyber criminals, study finds



Researchers have found cyber threats are bringing blockchain security into doubt on critical infrastructure

Miners who use computations to validate transactions through blockchain technology could be at risk, according to joint-research from Australia and Iran.

A study by Charles Darwin University (CDU) and the University of Tehran found cyber criminals are deceiving miners, who use the blockchain to power cryptocurrencies.

Miners who are given cryptocurrency as payment could be under attack by criminals who want to steal some of their computational power.

Professor Mamoun Alazab said this new attack method on blockchain was concerning because its high rates of success, particularly when the blockchain technology is used in critical infrastructure.

“The misleading attack is orchestrated by someone who redirects some miners computational power to a different chain, so that it (the attacker) can outrun the main chain and thus make its fork the dominant one,” he said.

Miners typically receive compensation for using their computational power to verify transactions on a specific blockchain.

“The chain, that miners are being misdirected to, is engineered to lose in the competition, and so is the main chain. All is for the attacker’s chain to win and become dominant.

“This vulnerability can also boost the success of other types of blockchain attacks,” Professor Alazab explained.

How does this affect cryptocurrencies?

Bitcoin, like other cryptocurrencies are not safe from any attacks, according to Professor Alazab.

“But this new misleading attack, along with some high-profile attacks that have cost millions of dollars, has shown that blockchain technology, particularly Bitcoin, is not as secure as we think, or as it needs to be for use in critical infrastructure.”

The study found Bitcoin’s blockchain technology was vulnerable, but misleading attacks are not possible on Ethereum’s blockchain technology because of its tracking system.

Dr Ghader Ebrahimpour and Dr Mohammad Sayad Haghighi were also involved in the research from the University of Tehran.

“If preventive or compensative measures are not taken, this attack can undermine the trust to a blockchain security and lower its value,” Dr Ebrahimpour said.

Blockchain miners have been warned about the impacts of their work if it is used in financial systems or critical infrastructure.

Professor Alazab said there may be different solutions to the threat.

“One is to change the design and remove the block reward. The miners then have to be rewarded out of transactions commissions.

“The concept of uncle block reward, similar to that of Ethereum, can also help in mitigating the problem,” he said.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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Is the metaverse the future of social network?



U.S. firms like Meta, the parent company of Facebook and Microsoft are going all in on the metaverse. Meanwhile, Chinese companies appear to be taking a more cautious approach amid tighter regulation.

#metaverse #china #unitedstates #tech #veronicadudo #ozsultan #crypto

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Who will win the global metaverse race?



China is looking to invest in the metaverse market as numerous cities rollout policy proposals.

Technology continues to change our lives forever.

As new advancements are released to the public—safety continues to be a major concern.

People are interacting with computers in a different way, with the word Metaverse becoming a buzzword in both the tech and business industries.

While the term, “metaverse” is broad, it refers to a set of digital spaces online—including 3D—that allows people to do many things from socializing and learning to interacting and collaborating.

Analysts say it’s the next evolution in social connection and the successor to the mobile internet.

According to Morgan Stanley, the metaverse market could be worth $8 trillion in the future.

China’s technology giants are investing in the metavese and recently, numerous Chinese cities have announced policy proposals to attract and support metaverse companies.

This comes after tense year of regulatory scrutiny on the countries tech sector.

The Chinese city of Zhengzhou recently announced a series of policy proposals to support metaverse companies operating in the region.

The initiative involves the municipal government establishing a nearly $1.5 billion dedicated fund in an effort to foster growth and development in the industry.

So, is the metaverse taking the world by storm?

Oz Sultan from the Sultan Interactive Group joins us to discuss. #china #metaverse #veronicadudo #ozsultan #regulation #crypto #tech

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North Korean hacker groups steal billions in crypto assets



G7 finance ministers are supporting measures to counter growing threats in the crypto space

Hacker groups associated with North Korea have stolen over $700 million worth of crypto assets since 2017 from Japanese firms and businesses.

The amount equates to 30 per cent of the total of such losses globally.

This comes on the back of G7 finance ministers supporting measures to counter growing threats.

In total, hackers has stolen a total of $2.3 billion in cryptocurrency from businesses between 2017 and 2022.

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