Darknet Bitcoin Theft: Perhaps A Tor-Based Vulnerability Responsible

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A recently published research has stated that an attacker has found out vulnerabilities in the Tor browser (The Onion Router) network that might just be the cause of the stolen Bitcoin from the users. The government of the U.S. developed the Tor browser for anonymous internet communication, and since then the privacy advocates have stringently adopted it. As Tor is better known for its privacy-preserving features, it is the most popular tool for the dark web inhabitants. There are a massive number of people in the crypto community who relies on the tor browser, where they trust their Bitcoin transactions for preserving their anonymity and security.

Nevertheless, as per Nusenu, who has been known for discovering this stolen Bitcoin attack, this might not be the best choice. The Tor works by protecting user anonymity through routing the data via many relays. The exit relays of Tor are the last thing in the process. It all started in January where a malicious party had allegedly begun running a large number of the Tor exit relays that peaks at 23% of the total in May. The malevolent tor exit relays were performing as what is known to be a “person-in-the-middle” attack.

stolen-bitcoin-nusenu
Image: Medium

“They perform person-in-the-middle attacks on Tor users by manipulating traffic as it flows through their exit relays. They (selectively) remove HTTP-to-HTTPS redirects to gain full access to plain unencrypted HTTP traffic without causing TLS certificate warnings.”

This vulnerability is known to all that causes stolen Bitcoin, and it does come with specific counter-measures available. Unfortunately, many of the website operators do not put efforts to implement them. As Nusenu states, the attackers at the basic level focussed on the Crypto-related websites. They would, however, replace the Bitcoin (BTC) address of the users with their own address finally routing the coin to their wallets.

“It appears that they are primarily after cryptocurrency-related websites — namely multiple bitcoin mixer services. They replaced bitcoin addresses in HTTP traffic to redirect transactions to their wallets instead of the user-provided bitcoin address.”

The number of relays that are controlled by the hacker has nose dipped to nearly 10% as of August. While the researcher has informed some of the affected Bitcoin services of the vulnerability where they are entirely unaware of how much of the stolen Bitcoin, the hackers have conducted.

What behaving as a tech stock means is that Bitcoin carries the same high risk and the top reward opportunities as a growing startup. Bitcoin performs more like a tech-startup stock, unlike the digital gold with the investors, who are reaping big rewards in case it works but potentially giving up on everything if the crypto assets fail somehow. This is the conclusion that has been finally drawn in the report of 10th August from the digital asset manager CoinShares. The report was titled “A Little Bitcoin Goes A Long Way”. The report confines an argument between two authors named James Butterfill and Christopher Bendiksen. They debate that the fact Bitcoin starting its life at a zero price gave it a leading honour.

“If it reaches its potential, the value could be immense,” the report stated.

“At the same time, there is a non-zero chance that it fails entirely, leaving the value of Bitcoin close to zero.”

Many experts have suggested to set aside 1% of a portfolio for cryptocurrencies. On the contrary, CoinShares have recommended the investors allocate just below 4% for only the Bitcoin. The firm had tested Bitcoin as a reliable value store by just seeing how the cryptocurrency has performed as a part of a balanced 60/40 portfolio. The analysis of the firm has indicated that the token enhanced the yearly returns by 9.7% that started in 2015, which is almost the double comparable assets.

How Bitcoin Began To Mature Into A Value Store Asset

If something behaves like a tech stock, there is nothing terrible in that. Following the Crypto Bloodbath in March, the tech stocks have gained tremendous ground. The prices of several firms have increased.

FirmIncreased Price PercentageIncreased Amount
Amazon70.7%$3,170
Apple63.3%$450
Facebook54.5%$263
Google23.6%$1,496

 

The report follows the volatile period having Bitcoin testing the $12,000 threshold for the very first time since 2019.

Bitcoin is an asset in its infancy,” the CoinShares report states. “As Bitcoin matures, its robustness is further proven, and its risk of failure moves further and further away from zero, we believe investors will start treating it differently, leading its macroeconomic behaviour to follow suit.”

Source: Cointelegraph


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