Bitcoin is a digital currency that was created in 2008. Transactions occur directly between users without an intermediary and are recorded on a public ledger called the blockchain. Bitcoins are created through a process called mining, where users offer their computing power to verify transactions. Hackers can steal bitcoins by gaining access to users' private keys or hijacking bitcoin mining pools to redirect computing power for their own mining. Lucideus Tech provides cybersecurity training and certification to help people learn about securing digital currencies and networks from criminal hackers.

1. LUCIDEUS PVT TECH LTD.
DOCUMENT ON BITCOINS
What is Bitcoins?
Bitcoin is a digital asset and a payment system invented by Satoshi Nakamoto. Nakamoto
unveiled the idea in 2008 to an obscure internet mailing list, and released it as open-source
software in 2009.There have been several high profile claims to the identity of Satoshi
Nakamoto; however, none of them have provided proof beyond doubt that back up their claims.
The system is peer-to-peer and transactions take place between users directly, without an
intermediary. These transactions are verified by network nodes and recorded in a public
distributed ledger called the block chain, which uses bitcoin as its unit of account. Since the
system works without a central repository or single administrator, the U.S. Treasury categorizes
bitcoin as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency,
although prior systems existed and it is more correctly described as the first decentralized digital
currency. Bitcoin is the largest of its kind in terms of total market value.
Bitcoins are created as a reward for payment processing work in which users offer their
computing power to verify and record payments into a public ledger. This activity is called
mining and miners are rewarded with transaction fees and newly created bitcoins. Besides being
obtained by mining, bitcoins can be exchanged for other currencies,] products, and services.
When sending bitcoins, users can pay an optional transaction fee to the miners.
February 2015, the number of merchants accepting bitcoin for products and services passed
100,000. Instead of 2–3% typically imposed by credit card processors, merchants accepting
bitcoins often pay fees in the range from 0% to less than 2%. Despite the fourfold increase in the
number of merchants accepting bitcoin in 2014, the cryptocurrency did not have much
momentum in retail transactions. The European Banking Authority and other sources have

2. warned that bitcoin users are not protected by refund rights or chargebacks. The use of bitcoin by
criminals has attracted the attention of financial regulators, legislative bodies, law enforcement,
and media. Criminal activities are primarily centered around darknet markets and theft, though
officials in countries such as the United States also recognize that bitcoin can provide legitimate
financial services.
Ownership
Ownership of bitcoins implies that a user can spend bitcoins associated with a specific address.
To do so, a payer must digitally sign the transaction using the corresponding private key.
Without knowledge of the private key, the transaction cannot be signed and bitcoins cannot be
spent. The network verifies the signature using the public key.
If the private key is lost, the bitcoin network will not recognize any other evidence of ownership;
the coins are then unusable, and thus effectively lost. For example, in 2013 one user claimed to
have lost 7,500 bitcoins, worth $7.5 million at the time, when he accidentally discarded a hard
drive containing his private key.
Transactions
A transaction is a transfer of Bitcoin value that is broadcast to the network and collected into
blocks. A transaction typically references previous transaction outputs as new transaction inputs
and dedicates all input Bitcoin values to new outputs. Transactions are not encrypted, so it is
possible to browse and view every transaction ever collected into a block.
Standard transaction outputs nominate addresses, and the redemption of any future inputs
requires a relevant signature.
All transactions are visible in the block chain, and can be viewed with a hex editor. A block
chain browser is a site where every transaction included within the block chain can be viewed in
human-readable terms. This is useful for seeing the technical details of transactions in action and
for verifying payments.

3. How Hackers use Bitcoins or why it is known
as hacker’s money?
There are Basically two ways a hacker could hack BitcoinSystemfor Stealing
Bitcoins. He is either able to get the Blockchain password (Wallet key) of a User or
a group of user and then use it to transfer all bitcoins from user’s walletto his
AnonymousWallet. Or he could actually Hijack Bitcoin Mining Pool and redirect all
of its computing power to Mine Bitcoins for himself.
 Hacking block chain password (Stealing
private key).
Owning a Bitcoin Wallet literally means owning a PrivateCryptographic
Key (Blockchain Password) to unlock Wallet address of other users in order
to send them Bitcoins. Usually this Private Cryptographic Key is a long string
of numbersand letters. You may chooseto store your key in a number of
places including a paper printout, a hard drive, or an Online Drive.
No matter where you store your Private key, your wallet is vulnerable to theft since the hacker
simply needs to gain access to your Private key. Mostly Hackers target ‘Online services ‘that
store the private keys for a large number of users. In this case the Hacker just takes help from the
insiders at the ‘Online service’ or Hacks the Server, copying database of private keys and gain
control of the bitcoins at all those addresses. The Hacker can now spend all of those Bitcoins
wherever he wants.
Alternatively, If the Hacker Knows a Specific Bitcoin Miner or a Company involved in Mining,
he could just infect their Systems with a Malware that would search for Private Keys Stored on
their System drives or he could hack into their pool account and change the payout address.

4.  HackingBitcoinMiningPools
In August 2014, a Hacker was able to Mine $84k worth of Bitcoins by Hacking into Bitcoin
mining pool, by gaining access to the ISP Infrastructure and diverting the computing power of
private Bitcoin “mines” to his own Mining pool.
Hacking Bitcoin Pool involves gaining control of the processing power of a group of bitcoin
miners (Mining Pool), the users who spend processing power to add new coins to the currency’s
network and who are inturn rewarded with a cut of the resulting crypto-currency the pool
produces. The Hacker Redirects the Computing Power of Pools participants to his private pool
by tricking them into continuing to devote their processors to bitcoin mining. All for Him.
The Researcher found out that Hackers Are Targeting ISP’s and then compromising the service
known as the ‘Border Gateway Protocol’ (BGP) that is designed to connect different networks
on the internet together. With so-called border gateway protocol, Hackers are able to redirect
traffic destined for a legitimate mining pool to his own pool.
Executing such type of hacking is very difficult and requires Help from Insiders of ‘Internet
Service Provider’, given that it requires inside access to an ISP.
That’s all we have right now and Please note that carrying out any of such Bitcoin hacking
attacks is an Offence. Use at your own discretion.
The attackers, whose name remains "DDOS for Bitcoin," would undermine organizations with
such network assaults, requesting a payout in Bitcoin in return for not continuing their attacks (In
a September report, Internet services supplier Akamai uncovered that it had recorded 141 such
attacks from the group).
The attention was drawn to the group after that report may have inspired copycat offenders,
Bradshaw said. Another group called Armada Collective rapidly sprang up, utilizing the same
strategy as DD4BC, and Recorded Future said it had yet found a few late Dark Web deals for
data on the best way to direct comparable attacks.

5. The DDOS intimidation infrequently worked, as the attackers requested moderately minimal
expenditure—as a rule somewhere around 10 and 200 Bitcoin, or $4,100 to $82,000 at the
present exchange scale.
A gathering calling itself Armada Collective—which may not be the one that initially claimed
the name—seems to have increased the ante, demanding that three Greek banks all pay 20,000
bitcoins (worth more than $7 million at the time). Despite seeing disturbances in exchanges for a
period, each of the three banks declined to pay the payoff and employed increased levels of
security against any such future DDOS attacks.
"Even so, the DDOS danger scene keeps on advancing. While digital extortion has been around
for a long while, the appropriation of Bitcoin as a strategy for payoff will keep on pulling in new
hackers into the DDOS space," the Recorded Future report finished up.
Talking with Coin Telegraph, Bradshaw said he thought the obscurity generally connected with
cryptocurrencies (of which Bitcoin is the most well-known) "is really alluring" for those
considering digital blackmail. Prior plans depended on financial balances or cash orders, he said,
so crooks felt they were at more serious danger of being found by governments.

6. AUTHOR
Tushant Sharma (LCEH CERTIFIED FROM
LUCIDEUS TECH PVT LTD.)
I Made this document to understand what is bitcoins and
how it is used by hacker or why it is known as hacker’s
money. Bitcoins is a digital money or we said a currency
which is use as reward for payment processing work in
which users offer their computing power to verify and record
payments into a public ledger. Its transactions are done
through networks and collected into blocks the hackerssteal
these bitcoins in two ways either they able to get Blockchain
password (wallet key) of users or a group of users and transfer
all the bitcoins from user wallet key to his/her Anonymous
wallet or they could hijack bitcoin mining pool and redirect all
of its computing power to Mine Bitcoins for himself.
So this is all about bitcoins and hacker’s
money through which criminal hackers earn.

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