Search This Blog

Powered by Blogger.

Blog Archive

Labels

Showing posts with label blockchain breach. Show all posts

Researchers Develop Blockchain-Based Federated Learning Model to Boost IoT Security

 

In a groundbreaking development for Internet of Things (IoT) security, a team of researchers led by Wei Wang has introduced a novel distributed federated intrusion detection system. The study, published in Frontiers of Computer Science and co-published by Higher Education Press and Springer Nature, addresses key challenges in protecting IoT networks from sophisticated cyber-attacks. IoT devices have long been vulnerable to cyber intrusions, and traditional, centralized models of training detection algorithms often come with risks, including high communication costs and potential privacy leaks. 

They also struggle to identify new, unknown types of attacks. The research team’s new approach aims to overcome these issues by using federated learning, a decentralized method where data is processed locally rather than on a central server. 
This approach enhances privacy and minimizes communication expenses. To strengthen the security of their detection model, the team integrated a blockchain-based architecture into the federated learning system. 

In this setup, all participating entities conduct model training on their devices and upload only the model parameters to the blockchain. This design creates a secure, distributed environment for collaborative model verification. A proof-of-stake consensus mechanism is implemented, ensuring that only trustworthy entities contribute to the training process, effectively blocking out malicious participants. 

A unique aspect of this method is its ability to detect unknown attack types. Each device in the system uses an end-to-end clustering algorithm that relies on spatial-temporal data differences to identify new types of intrusions. Tests conducted on the AWID dataset showed that this model outperforms previous detection techniques, offering enhanced security and accuracy in identifying novel threats. The research team views this development as a significant step toward more secure IoT networks. 

“The integration of blockchain with federated learning brings a new level of security and adaptability to intrusion detection,” the team noted. 

Looking ahead, the researchers plan to focus on refining the model’s efficiency to support real-time detection needs in IoT systems. This study highlights the potential of blockchain-based federated learning as a robust defense against cyber threats in the expanding IoT ecosystem.

Cybercriminals Steal $112 Million Worth of Ripple's XRP Cryptocurrency

 

On Tuesday, approximately $112 million worth of the XRP cryptocurrency, which is centered around Ripple, was pilfered by hackers from a crypto wallet, as revealed by Ripple's co-founder and executive chairman, Chris Larsen.

Larsen disclosed on Wednesday that the stolen cryptocurrency belonged to him. In a post on X (formerly Twitter), Larsen mentioned that unauthorized access occurred in some of his personal XRP accounts, distinct from Ripple. He assured that the problem was swiftly identified, and exchanges were notified to freeze the affected addresses. Law enforcement has also been engaged in the matter.

The announcement came less than an hour after crypto security researcher ZachXBT reported the hack on X. According to ZachXBT, the pilfered XRP funds had already been laundered through various crypto exchanges like Binance and Kraken. Binance acknowledged the incident, stating that they are actively supporting the investigation, and Kraken emphasized their proactive review to prevent their platform from being misused.

However, there is ambiguity regarding the ownership of the hacked wallet, whether it is linked to Ripple or not. XRPScan's on-chain data revealed that the compromised wallet was labeled "Ripple (50)" and was activated by another wallet called "~FundingWallet1" on November 5, 2018. Larsen's account activated ~FundingWallet1 on February 6, 2013, shortly after his own account, ~chrislarsen, was created.

When approached for comment, Ripple's spokesperson referred to Larsen's post and clarified that Ripple itself was not impacted. Ripple, established in 2012, aspires to be a payments and enterprise infrastructure provider, consisting of a network, protocol, and decentralized public ledger known as XRP Ledger. The value of XRP, the network's token, dropped by approximately 4% on the day of the hack.

In response to the incident, some XRP holders are urging the co-founders to disclose their crypto wallets and XRP holdings to enhance transparency. Meanwhile, others, including Thinking Crypto podcast host Tony Edward, are urging Larsen to distance himself from Ripple.

This cyber attack stands out as the most significant cryptocurrency theft in 2024 and ranks as the twentieth largest in recorded history, based on data compiled by Rekt, a website monitoring web3 and crypto breaches. In the previous year, hackers targeted approximately $2 billion in cryptocurrency, as reported by crypto security firms specializing in tracking such incidents.