RATE Group | Researchers find Bitcoin’s Lightning network susceptible to cyberattacks | FIU News
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Researchers find Bitcoin’s Lightning network susceptible to cyberattacks | FIU News

11 May Researchers find Bitcoin’s Lightning network susceptible to cyberattacks | FIU News

Posted at 18:30h in Bitcoin News by

Bitcoin, the decentralized digital currency without a central bank, saw a decline in price due to COVID-19. After announcements of travel restrictions, the price plummeted from $8,000 to $3,800 in one day, according to a report by CryptoCompare. 

Despite the crash, people haven’t lost interest in Bitcoin. Forbes reported that Americans are using their stimulus checks to buy Bitcoin and other cryptocurrencies. 

In 2017, Bitcoin launched Bitcoin Lightning, an overlay network that allows for a faster, efficient and more affordable way to send Bitcoin globally. This was in response to network clogging. 

The benefit of a speedier transaction, like sending Bitcoin in seconds, also comes with a disadvantage. Researchers at FIU have discovered that Lightning enables attackers to perform cyberattacks such as controlling botnets. 

Botnets are a set of devices that infect computer machines with malicious software. The researchers published a paper on the subject and built a proof of concept…

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