One of the most widespread misconceptions about blockchain technology is that it is impervious to attacks. This notion is completely false as different kind of attacks can occur with Blockchain technology.
If you are following the latest development in the realm of blockchain technology, you must have heard about the attack on the Ledger Connect Kit Library which Ledger confirmed to be a phishing scam that resulted in the loss of nearly $484,000 in assets (according to blockchain analysis platform Lookonchain).
Another prominent example is the theft of $8 million worth of SOL by an attacker using an exploit on the widely used Solana mobile wallet Slope. Because this wallet was so popular it was believed that the Solana blockchain was compromised.
In this article, I will be discussing blockchain attacks and blockchain security. It’s going to be interesting and impactful.
Understanding Blockchain Attack
Blockchain attacks can be referred to as various Attempts to breach or alter a blockchain network. The technology known as the blockchain, which powers digital currencies such as Bitcoin and Ethereum was built to be safe and impervious to any alteration. But there are still possible weak points and ways attacks can come in.
Every layer of blockchain technology is vulnerable to attack. Every layer possesses distinct technical constraints that can be leveraged to execute attacks that could result in system manipulation or harm.
Hackers have always targeted cryptocurrency exchanges, which are centralized marketplaces where consumers trade virtual assets. Among the most popular incidents is the 2014 Mt. Gox hack, in which about 850,000 bitcoins were stolen.
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