These Hackers Are Trying To Crack Bitcoin’s Encryption, But They’re Extremely Unlikely To Succeed
According to a recent report by Bleeping Computer, TeamTNT, a notorious hacking group, has made a comeback and is now trying to crack Bitcoin.
Bad actors are said to be hijacking servers and using their vast resources to run cipher solvers for the biggest cryptocurrency.
Bitcoin uses the secp256k1 elliptic curve for its keys and signatures. When cryptocurrency became popular, the choice of this specific realization intrigued crypto experts because secp256k1 was almost completely unknown compared to other solutions.
TeamTNT hackers are now trying to crack the Elliptic Curve encryption with stolen resources.
However, their efforts should be taken with a grain of salt. Chances are they are just playing around with new attack routes instead of actually trying to hack Bitcoin.
For now, Bitcoin is considered completely safe because no machine could crack it.
That being said, some experts believe it will be possible to crack Bitcoin in the future. In January, U.Today reported that Mark Webber, a quantum physicist from the University of Sussex, predicted that a quantum computer with over 300 million qubits could pose a major threat to Bitcoin.
In such a case, a quantum resistant hard fork would have to be launched in order to save Bitcoin from supercomputers.
Bitcoin has never been hacked, which is one of its main selling points. However, Ripple CTO David Schwartz recently opined that it is highly likely that Bitcoin has serious bugs that have yet to be discovered.