Bitcoin, Crypto currency, Blockchain

Study shows risk for Coins and exchanges by “Bots” – Coin Hero

f78f1e39e9a6f0fdec412566e7ba57a3 - Study shows risk for Coins and exchanges by "Bots" - Coin Hero

Study shows risk for Coins and exchanges by “Bots”

Home News study shows risk for Coins and exchanges by “Bots” from

Of
Matthias Nemack –
18.04.2019

So-called Bots for crypto exchanges, and thus for the Dealerships there is a high risk. So says a new study from several universities.

Software brings Criminal part of enormous profits

It is not always solely to the ingenuity of hackers, the company, by means of Scamming, Trojans, and Malware attacks on Wallets, calculator, and stock exchanges, the reason for existing problems in terms of trading platforms for digital currencies such as Ethereum and Bitcoin Cash. A recent study points out that hackers and Scam activities, in particular in the case of decentralised working be allows website in the first place due to failures in the framework of the development work. For the said evaluation of various renowned universities such as Cornell Tech will be responsible. Especially the so-called “Flash Boys” constitute a safety risk. This is, according to the experts of trade programs (also known as Bots) to work autonomously, and to perform transactions.

Systems back up by high fees execution

On some exchanges, the software seems to be such a trade to have a good chance, since there are points within the systems are weak, such as the scientists involved emphasize. Preferred Order versions reach the programs among others through higher transaction fees. The framework In which such activities on platforms to take place, no precise and reliable data are currently available, such as Professor Juels Cornell Tech University in the context of a recent conference on the topic of Blockchain announced. On the basis of the present data is projected to be billions in dollars.

A significant risk to digital currencies

Points of attack in the Blockchain of a stock exchange can be used by criminals to conduct a “51 percent attack” on Blockchain-based currencies like Litecoin or Bitcoin. Criminals can take over in case of a complete currency systems. The scientific analysis showed that Bots were able to realize within the last half a year, on the six analysed stock exchanges a day up to a Maximum of $ 20,000, in an amount of about 500 of these trading programs. The authors of the study will now be addressed to the developers. They are a call to more commitment in the fight against such risks.

Featured Image: Christian Horz | Shutterstock.com

You’re in the mood for more messages? Subscribe to our Newsletter and regularly receive the latest News by E-Mail!

Follow us!



Leave a Comment