ISPs Could Take Down Large Parts of Bitcoin Ecosystem If They Wanted To (bleepingcomputer.com)

Posted by BeauHD on Monday May 8, 2017 @07:00PM from the say-the-magic-word dept.

An anonymous reader writes: A rogue ISP could take down large parts of the Bitcoin ecosystem, according to new research that will be presented in two weeks at the 38th IEEE Symposium on Security and Privacy in San Jose, USA. According to the researchers, there are two types of attack scenarios that could be leveraged via BGP hijacks to cripple the Bitcoin ecosystem: hijacking mining proceeds, causing double-spending errors, and delaying transactions. These two (partition and delay) attacks are possible because most of the entire Bitcoin ecosystem isn't as decentralized as most people think, and it still runs on a small number of ISPs. For example, 13 ISPs host 30% of the entire Bitcoin network, 39 ISPs host 50% of the whole Bitcoin mining power, and 3 ISPs handle 60% of all Bitcoin traffic. Currently, researchers found that around 100 Bitcoin nodes are the victims of BGP hijacks each month.

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Wrong by Anonymous Coward · 2017-05-09 02:56 · Score: 2, Informative

These attacks can be used to sneakily siphon off some of the mining proceeds into an attacker’s account.
Wrong. Mining proceeds are protected by a private key. Nothing an ISP can do will reveal that private key, thus they cannot siphon proceeds.