A Study on Security Threats to Blockchain & Cryptocurrencies

Abstract

Cryptocurrency is a digital asset that works through distributed ledger technology such as a blockchain. Blockchain was dubbed as un-hackable by many, but recent incidents indicate that it is not the case. This paper aims to examine different types of cyberattacks. Attacking cryptocurrencies is much more intriguing to criminals, mainly because of the reason that reverting those funds is a laborious task in itself. This paper surveys 5 different kinds of cryptocurrency attacks and also examines different consensus algorithms used by cryptocurrencies. Despite blockchain being a leading edge technology, the vulnerabilities in the technology has caused difficulties in the past and cannot be ignored.