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Bitcoin might soar and so will hacking cases – home automation under threat in 2018

Neil Kumar



Home automation under attack
Source: Wikimedia

Bitcoin is probably experiencing a correction or what market analysts have recently been calling “market manipulation”. Bitcoin hit a bottom at $7600 but retracted back to $8200 within minutes and then has been steadily climbing back up to the current price of $8900.

2017 saw multiple hacking cases in London and New York where hackers used the house automation systems like Alexa to hack into the appliances in homes and use them for mining cryptocurrencies.

Timothy Jackson, a security advisor from London, says,

“Although the success rate of this hack and how much cryptocurrencies could be actually generated by hacking the home automation systems are speculation, hacking in itself is a big concern and security agencies around the world are working on their tech to solve this issue”

As quoted in Express UK, Scott Stewart, vice president of tactical analysis for Stratfor, says,

“The concern is when you have a centralized home assistant device like a Google Home or an Alexa, that connects to many other devices, whether its lights, thermostats, refrigerators, dishwashers, other appliances, we’re really concerned that provides a central node for an attack”

In a recent Bitcoin forum, there were questions raised about the validity of the allegations and asked if smart machines could be actually used to mine Bitcoins and other altcoins.

Jerry Boyle, a veteran Bitcoin forum member, says,

“If you were able to hack into even 2% of the smart homes in London, you would be able to generate 150TH worth power which if Bitcoin was at $20K would reap you $300 a day”

Jerry’s comments were met with criticism from multiple community members with some asking him for clarifications on how he assumed the numbers above.

Even if there has been no qualitative data on the how much the hack of the home automation systems are costing the victims, it’s clear that hackers this year would progress from home automation hacks to smaller automated industrial manufacturing units for better profits.

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Neil Kumar has been working as a full-time reporter for AMBCrypto from January 2018. He has eight years of experience in day trading markets and a three year experience working for a blockchain company. Neil writes about blockchain and technology is a strong advocate of privacy. He had a few Litecoins and Ripple tokens months before joining AMBCrypto; he currently does not have any value in cryptocurrencies or projects.

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