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Blockchain technology, like everything else that can be connected to the Internet, is subject to hacker attacks. Developers must take extra precautions to protect their dApps and other blockchain-based products from hackers. This is because crimes committed on the blockchain are often not reported. Vulnerability is not just a problem faced by third-generation blockchains. Older blockchains such as the Ethereum blockchain are also subject to hacker attacks.
Vulnerability of the Ethereum targeted blockchain
According to a report published by ZDnet, a technology-based news broadcaster, hackers have recently released a scanning network specifically designed for Ethereum mining hardware and Ethereum portfolios globally. The campaign started on December 3rd and has been fully active ever since. Hackers specifically point to port 8545. This port is the standard port for the JSON-RPC interface. This is the interface used by the Ethereum miners and on the Ethereum portfolios.
The developer API interface allows applications to scan data related to data mining or funds. However, some less secure mining machinery and portfolios expose this interface through a door. This port can easily be compromised by hackers. Typically, ports are not created with passwords. A user is expected to configure one. If the interface is left exposed, an attacker can exploit this vulnerability by using it to steal cryptocurrencies.
While hackers have recently launched their attack, this is not the first time that the existence of this vulnerability has been announced. In August, the Ethereum development team announced that apps and miners running on unconfigured clients are at risk of being attacked. They recommended developers to filter traffic using a secure firewall or use passwords to protect the interface.
Since then, many rig suppliers have taken measures to reduce the possibility of dropping victims to hackers by completely removing the interface or reducing the use of port 8545. However, many clients are still not sure allowing hacker to scan it effectively.
Qihoo 360 Netlab, a Chinese computer security company, reported that more than 20 million dollars in ETH were stolen by a group of hackers who explored this vulnerability in July. Hackers are generally more active when the price of cryptocurrencies is high. However, they can attack the market at any time. The fact that they decided to target Ethereum at a time when the price of ETH is struggling against the USD is a matter of curiosity. Obviously hackers do not care about the winter cryptocurrency. They are doing their business. Toy Mursch, the co-founder of Bad Packets LLC, while talking to ZDnet, said:
"In the last week, the level of hacker scanning activity has tripled, according to reports – over 4,700 Parity devices and portfolios are still exposed to this problem – they have not taken any measures to protect themselves and can be attacked in any time.
Price analysis of Ethereum (ETH)
In the meantime, since the beginning of this bear market, ETH has suffered greater losses than most currencies. Indeed, the cryptocurrency has lost its position as a second cryptocurrency by market capitalization for XRP. With hackers trying to target the mining hardware of Ethereum, the problems of the blockchain are not over yet.
At the time of writing, ETH was trading at $ 91.45. It is 1.72% lower than the USD and 0.44% higher than Bitcoin. The 24-hour trading volume is $ 1,653,076.549 and the market capitalization is $ 9,486,541.179.
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