"Cyber Security Experts Identify New Threat to Blockchain Technology"

A team of researchers from Charles Darwin University (CDU) and the University of Tehran in Iran discovered a new cyber threat that brings blockchain security in critical infrastructure into question. The study labeled the new cyber threat a misleading attack due to its intent to deceive miners. Miners perform computations to validate transactions on a blockchain in order to keep it up to date, and are compensated with cryptocurrency. With this new strategy to mislead miners, the system is at risk. The attack misleads blockchain miners by stealing some of their computational power and redirecting it to a different chain or fork. Miners are compensated for using their computational power to verify transactions on the blockchain of a specific cryptocurrency. The misleading attack is carried out by someone who redirects some miners' computational power to a different chain in order for the attacker to outrun the main chain and thus become the dominant one. The chain to which miners are being misdirected is designed to fail in competition, as is the main chain. Everything is set up for the attacker's chain to win and become dominant. This vulnerability can also help other types of blockchain attacks succeed. This new blockchain attack method is concerning because its success rates are high, and the blockchain technology was being used in critical infrastructures. There is a widespread belief that blockchain, such as Bitcoin, is safe and secure from attack, but this new misleading attack, as well as some other high-profile attacks costing millions of dollars, have demonstrated that blockchain technology is not as secure as it needs to be. According to the researchers, if no preventive measures are taken, this attack has the potential to undermine trust in blockchain security and reduce its value. Significant consequences can be expected if such a blockchain is ever used in critical infrastructure or financial systems. This article continues to discuss the study and findings behind a new misleading attack on Bitcoin. 

CDU reports "Cyber Security Experts Identify New Threat to Blockchain Technology"