Bitfury Developed Suspicious Transactions Tracking Tool

Crystal service is designed to break the idea of bitcoin as the black market instrument
30 January 2018   389

Bitfury, a mining company, introduced the Crystal toolkit, designed to identify and investigate criminal activities in Bitcoin. This is reported by Coindesk.

The platform has been developed for two years. It is designed to break the idea of bitcoin as the black market instrument.

The industry needs some very user-friendly tools so that you can track bitcoin transactions and see if this bitcoin address that you're getting money from is green or black.
 

Valery Vavilov

CEO, Bitfury Group

The Crystal service will allow law enforcement officers and private experts to trace the ways of moving suspicious transactions to the final recipient or point of sale of the cryptocurrency. By establishing the relationship between alleged intruders, Crystal will be able to determine the likelihood of individual addresses being involved in illegal activities.

Crystal
Crystal 

Other tools will help autonomously monitor bitcoin addresses, compile and distribute reports according to specified criteria and even establish the origin and purpose of transactions.

We are analyzing the web, we are analyzing the forums, we are analyzing different kinds of sources, and combining this information and getting some kind of result if this transaction is risky or not.
 

Valery Vavilov

CEO, Bitfury Group

The corporate version of the Crystal Pro product will be integrated into the company's own networks and will not only allow them to monitor the activity in the blockchain but also provide additional security for their crypto-currency transactions.

The free version of Crystal software is available from January 30th. Tariffs for corporate clients will be presented in March.

Bitcoin Gold hit by Malicious Miner`s Double Spend Attack

An evil-minded miner efficiently made a double spend attack on the Bitcoin Gold network, making BTG at least the third altcoin to succumb to a network attack
23 May 2018   122

Edward Iskra, Bitcoin Gold director of communications first admonished clients about the attack on May 18, reporting that an evil-minded miner was using the exploit to steal means from cryptocurrency exchanges.The miner bought at least 51 percent of the network’s total hashpower, which provided them with temporary control of the blockchain. Gaining this much hashpower is extremely expensive — even on a smaller network like bitcoin gold — but it may be monetized in tandem with a double spend attack.

The attacker, after getting the control of the network, started depositing BTG at crypto  exchanges while also intending to send those same coins to a wallet under their control. Generally, the blockchain would resolve this by including only the first transaction in the block, but the attacker managed to reverse transactions as they had majority control of the network.

As a result, they were able to invest funds on exchanges and withdraw them again soon, after which they repealed the initial transaction. This way they could send the coins they had primarily deposited to another wallet. 

An address of bitcoin gold connected with the attack has got more than 388,200 BTG since May 16 (basically from transactions it sent to itself). All of those transactions were associated with the double spend exploit, the attacker could have stolen as much as $18.6 million worth of funds from exchanges. The last transaction was sent on May 18, but the attacker could resume it if they still have access to enough hashpower to reach the control of the blockchain.

Bitcoin gold’s developers recommended exchanges to resist the attack by reaching the number of confirmations acquired before they lended deposits to client accounts. Blockchain data displays that the attacker reversed transactions as far back as 22 blocks, allowing developers to advise raising confirmation requirements to 50 blocks.