Two Crypto-currency Websites Suffered Huge Data Breaches

BTC-E Bitcoin Exchange and the nonclassical forum BitcoinTalk has suit victims of security breaches.

The news was ready-made public by the famous data breach notification site LeakedSource in which it was also revealed that the breaches occurred in 2014 and 2015.

The news bit has come as a offend to many because it is a general perception that crypto-currency sites are the almost secure ones given their sensitive nature. After entirely, the digital currency is being touted Eastern Samoa the ultimate way to safely transfer money but if these sites can be hacked so easily then we may never know what's future for us users in the emerging.

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You must be wondering how the hackers managed to breach the security of such well-protected forums. LeakedSource has explained that the hackers attacked BTC-E (BTC-E.com) and attempted to approach and steal around 568,355 records of its users, which accounted for the entire database at that time. This violate occurred in October 2014.

The aggress on BTC-E forum resulted in thieving of critically outstanding drug user data including emails, user IDs, passwords, Bitcoin's wallet Libra, language settings, enrolment similar information and most importantly their IP addresses.

The next attack happened in May 2015 and this time, the hackers targeted BitcoinTalk (Bitcointalk.org), another touristy crypto-currency website. The unidentified cyber-terrorist(s) got apply of the credentials of numerous servers of the keep company using social engineering techniques on an employee of BitcoinTalk's ISP known as NFOrce.

Here is a pinch from 2015 in which BitcoinTalk granted that their server was compromised.

Server compromised due to elite group applied science against ISP NFOrce. Thither will be extended downtime for forensic analysis and reinstall.

— BitcoinTalk (@bitcointalk) May 22, 2015

The information stolen during the BitcoinTalk hacking feat was also quite sensitive as it also included hashed passwords, birth dates, secret questions and their hashed answers and of naturally, email IDs. In total, the hackers obtained toffee-nosed details of about 499,593 users.

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LeakedSource also processed that 9% of the stolen passwords were reversed into their cleartext format since these were hashed finished MD5. But then, the others were hashed through the SHA256-Crypt algorithm, which the company maintains that would take them about unitary class to break through them. Even so, the bequeath be able to crack solitary 60 to 70 % of them.

"We are pleased to announce that but 44,869 (9%) of users on Bitcointalk.org utilised MD5 hashing with a unique salt for passwords. Of those, we have cracked 30,389 or 68%. The remaining 91% of user passwords were hashed with "sha256crypt" and it would take us about a year to crack an estimated 60-70% of them. This method of countersign memory board is far superior to almost every site we've seen thus far, said LeakedSource."

LeakedSource further explained that the user accounts and passwords that secured them from existence put-upon were appropriately firm already since some the websites had implemented strong surety measures.

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IT mustiness be noted that breaching the security of crypto-currency sites is no ordinary feat as it requires tremendous skills and social engineering proficiency to conduct a task of this sort. Every bit leakedSource itself noted that the hacked passwords were hashed through a powerful algorithmic rule, which made them to the full uncrackable.

Flickr/BTC Keychain

Owais takes care of Hackread's social media from the very first day. At the same fourth dimension He is following for chartered accountancy and doing part clip freelance written material.