Saturday, March 25, 2023
Visions Journal
  • Automotive
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Tech
  • Travel
No Result
View All Result
  • Automotive
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Tech
  • Travel
No Result
View All Result
Visions Journal
No Result
View All Result

Bitcoin Wallet Fixes – The ‘Serious’ Security Threat

by Fenix Nalin
12 months ago
in Finance
3 min read
0
Bitcoin Wallet Fixes – The ‘Serious’ Security Threat
Share on FacebookShare on Twitter

A Bitcoin bull run in 2017 led to the price rising to around $20,000, which has resulted in an increase in Bitcoin hacks and thefts.

While the Bitcoin price had fallen by over half since its all-time high in late 2017, hackers still target Bitcoin users regularly.

Several popular Bitcoin wallets could have been compromised by a newly discovered vulnerability, researchers have warned. “Millions” of Bitcoin users could have been at risk. But to protect such thefts, you could select a safe and secure Bitcoin Wallet.

ZenGo, a Bitcoin and crypto company with offices in Tel Aviv, reported that three major Bitcoin wallets were susceptible to double-spending attacks, adding other wallets beyond the nine they tested were also at risk.

After their developers were alerted by ZenGo, the Bitcoin wallets Ledger Live, Edge, and BRD were updated to try and prevent the attack.

An attacker can take advantage of a vulnerability called BigSpender to make it appear that they have received a payment when in fact they have replaced it by another. Even though not everyone agrees on the vulnerability’s nature, it could prevent wallet owners from accessing their funds.

“The vulnerability in BigSpender effects wallet solutions that implicitly assume transactions will be confirmed and do not consider the possibility that a transaction will be canceled” reads the description of the vulnerability.” A senior ZenGo engineer, Oded Leiba, exposed the vulnerabilities on his blog.

As a result, the user’s account balance is increased on an incoming transaction that has not been confirmed, and is not deducted when the transaction is actually canceled for being double-spent.

The ZenGo researchers’ use of language has been questioned by Ledger and BRD.

Ledger’s security team said via email that there was no actual double spend. “The user funds remain safe. However, the display of the received transactions may be misleading.”

One of the most commonly used Bitcoin wallets that are vulnerable to this attack is ZenGo’s, which ZenGo researchers say is indicative of how serious the bug is.

Based on the public numbers associated with Ledger and BRD, there could have been several millions of users exposed before the fix, ZenGo CEO Ouriel Ohayon said via email. The Bitcoin and crypto news outlet Coindesk reported that BRD recently reached the 5 million user mark.

Despite the dispute between developers of Bitcoin wallets and Ohayon, who insists the threat might actually be worse than currently assumed.

Ohayon said, additional issues could exist, as well as other wallets not vulnerable to the BigSpender attack,  including ZenGo’s own, were not affected.

The fact that you could be unable to spend your Bitcoins, and the fact that this could be done on a large scale, makes this [exploit] more serious.”

The industry is constantly battling hackers. Security is a long-term battle that cannot be won by one product or one player alone. Research and security must be as important to wallet development as product development and services if mass adoption is to be achieved.

Related Posts

These Tips Will Help You Improve Your Credit Score
Finance

These Tips Will Help You Improve Your Credit Score

November 9, 2022

A good credit score has become necessary in today's world, where getting a loan is challenging. Your credit score is...

Knowing the Demat Account Charges in India
Finance

Knowing the Demat Account Charges in India

October 26, 2022

Tragically, like most Monetary Items Demat accounts are also perplexing; contrasting two different specialist co-ops is inordinately difficult. One account...

How to Find the Best Commercial General Liability Insurance for Your Business
Finance

How to Find the Best Commercial General Liability Insurance for Your Business

May 30, 2022

If you run your own business, you’re probably taking good care of it. But what happens if something goes wrong?...

Blockchain: the basic technology of cryptocurrency
Finance

Blockchain: the basic technology of cryptocurrency

December 28, 2021

Cryptocurrencies all work on the same principle: the Blockchain. They are a series of numbers saved on a computer in...

Next Post
Doosan Infracore Steps Up 2nd Production Base in Mainland China Completed

Doosan Infracore Steps Up 2nd Production Base in Mainland China Completed

Recent Posts

  • NJ Ayuk Focuses On Finding Affordable Energy Solutions in Africa  March 1, 2023
  • Mattress cleaning: tips from professional cleaners February 20, 2023
  • More Than 90,000 Children Benefit From the Rinat Akhmetov Foundation’s New Year’s Campaign February 17, 2023
  • Stuck and Solved: How Renegade Wireline Services is Mastering Stuck Pipe Logging January 19, 2023
  • How can you prevent your dog from getting depressed? December 7, 2022
  • These Tips Will Help You Improve Your Credit Score November 9, 2022
  • Knowing the Demat Account Charges in India October 26, 2022
  • Can You Do Home Automation Without Google or Amazon August 19, 2022

Archives

  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • April 2022
  • March 2022
  • February 2022
  • January 2022
  • December 2021
  • November 2021
  • October 2021
  • September 2021
  • August 2021
  • July 2021
  • June 2021
  • May 2021
  • April 2021
  • March 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • Mail Us

© 2020 Visions Journal - All Rights Reserved.

No Result
View All Result
  • Automotive
  • Business
  • Education
  • Finance
  • Health
  • Home
  • Law
  • Real Estate
  • Shopping
  • Tech
  • Travel