Researchers Reveal Altcoin to Reward Participating in DDoS Attacks
A pair of researchers has developed a cryptocurrency called DDoSCoin that rewards users for participating in distributed denial of service (DDoS) attacks. The currency only works when the user’s computer targets a TLS-enabled website. TLS stands for Transport Layer Security, a cryptographic protocol for secure Internet communication. Researchers Eric Wustrow at the University of Colorado Boulder and Benjamin VanderSloot at the University of Michigan published a paper, “DDoSCoin: Cryptocurrency with a Malicious Proof-of-Work” that presents a proof-of-work DDoS currency that allows miners to....
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DDoSCoin, a unique cryptocurrency that can be mined by taking part in DDoS attacks. Digital currencies don’t always have to be serious business. While there are concerns about the impact of Bitcoin mining on the environment, two researchers have come up with an innovative way of mining digital currency. The concept presented by Eric Wustrow and Benjamin VanderSloot, if implemented in real life, will turn into every cyber security expert’s nightmare. The researchers participated in the recently concluded USENIX 2016 computer security symposium. At the event, they presented a paper on....
A University of Colorado assistant professor and a Ph.D. student from the University of Michigan have formulated a new Altcoin that has an unusual consensus mechanism. The theoretical cryptocurrency, dubbed “DDoSCoin,” pays attackers for participating in distributed denial of service (DDoS) attacks. Proof-Of-DDoS Rewards Miners for Attacking ‘Victim....
AntPool, BW.com, NiceHash, CKPool and GHash.io are among a number of bitcoin mining pools and operations that have been hit by distributed denial-of-service (DDOS) attacks in recent days. The incidents appear to have begun in the first week of March. For example, on 11th March, AntPool owner Bitmain sent an email to customers disclosing the DDOS attacks and advising external pool users to set up failsafe pools in the event of an outage. According to many of the companies affected by the incidents, those behind the attacks demanded payment in bitcoin in return for stopping the attacks.....
Encrypted email service provider ProtonMail recently and grudgingly gave in to a ransom demand of 15 bitcoin (approx $6000) to attackers who targeted the service with destructive Distributed Denial of Service (DDoS) attacks. ProtonMail, an encrypted email service set up by CERN scientists in Geneva and researchers at MIT, has revealed crippling DDoS attacks to be the cause of a recent outage suffered by the crypto e-mail service provider. Two groups are believed to be behind the attacks, one of which began the cyber-strikes and put forth the ransom demand. The website remains down at the....
As if we did not have enough Bitcoin associated-DDoS attacks in 2015, the coming year may see the number turn three-fold as automation of such attacks increases. The startling prediction has been made by a Hudson-based DDoS protection solutions provider Corero Network Security (LSE: CNS). The media release states that the volume of DDoS attacks grew by 32% per quarter, and may result in a 30% jump in Bitcoin ransom demands if the trend is allowed to continue. Dave Larson, COO at Corero Network Security said: "Just one highly publicized participant will further fuel the epidemic by causing....