If Your Bitcoin Wallet Is A Product Of The 2016 Technology, You Could Be In Trouble – Here’s Why
15 Novembre 2023 - 7:00PM
NEWSBTC
Is your Bitcoin wallet shackled by the outdated chains of 2016
technology? Brace yourself, for trouble may be lurking in the
shadows, ready to pounce on the unsuspecting. In the fast-paced
realm of cryptocurrency, your digital fortress could be nothing
more than a relic of the past, leaving you vulnerable to the
merciless winds of technological evolution. Recently,
cryptocurrency startup Unciphered revealed a potential security
threat to Bitcoin wallets created prior to 2016. Related Reading:
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Price Explosion Known as “Randstorm,” this software flaw
encompasses a combination of bugs, architectural choices, and API
(Application Programming Interface) modifications that heighten the
vulnerability of Bitcoin wallets crafted between 2011 and 2015. The
genesis of this issue dates back to last year when Unciphered was
assisting a customer who found themselves locked out of a Bitcoin
wallet originally created on what is now recognized as
Blockchain.com. Unveiling The Risks: The Potential Perils Lurking
In A 2016-era Bitcoin Wallet During the investigation to recover
the wallet, Unciphered stumbled upon a critical flaw in wallets
generated by BitcoinJS between 2011 and 2015. Unciphered, in its
report on Tuesday, highlighted the significance of this flaw,
suggesting that it may have impacted approximately 1.4 million
Bitcoin. This means, that if 3 to 5 percent of these wallets were
affected, the potential value of the at-risk coins could range from
$1.2 to $2.1 billion. Eric Michaud, co-founder of Unciphered,
stated that BitcoinJS was severely flawed until March 2014, and
anyone using it directly faces a significantly high risk of being
attacked. Unciphered has dedicated several months to notifying a
substantial number of individuals, over one million, on the
vulnerability of their wallets. The Dangers Of Holding Wallets On
Obsolete Crypto Platforms A significant number of individuals
remain uninformed due to their possession of wallets constructed on
defunct digital currency platforms. Unciphered clarified that
finding vulnerabilities doesn’t imply that Bitcoin or technology,
in general, is fundamentally flawed. Instead, it reveals a chain of
programming errors that occurred across various technologies from
2011 to 2015. There are serious problems in a lot of the wallet
code, Unciphered has discovered, and the companies who employed
that technology may vanish. Bitcoin slightly above the $36K level
today. Chart: TradingView.com Despite that, though, it serves as a
stark reminder that open-source projects that little to no one
oversees lie beneath software infrastructure of all types, even
those specifically aimed at raising capital. Michaud asserted that
imperfections within every human-made technology stem from its
creators. “Every man-made technology contains flaws that originate
within its creators,” he said. The wallets’ software developer,
Stefan Thomas, told The Washington Post that he created the wallets
as a pastime. He said that without checking the program’s validity,
he had stolen a significant portion of the code from a page
belonging to a Stanford University student. “Instead, I was
obsessed about making sure that I didn’t make any mistakes in my
own code […] I’m sorry to anyone affected by this bug,” he added.
Source: Unciphered In layman’s words, Unciphered called the
vulnerability “Randstorm” since wallet software that produced
cryptographic keys wasn’t sufficiently random was the source of it.
They produced electronic keys with a randomness factor that was
easier to hack, only one in a specific number of thousands, as
opposed to ones that were incredibly unique and hard for someone
else to copy (like one in a trillion odds). Related Reading: Red
Hot Ethereum: Breach Of $2,000 Draws Major Players Into the Fray
Navigating Cryptocurrency’s Hostile Landscape Security expert Dan
Guido said that the world of cryptocurrency is quite unfriendly.
It’s filled with individuals attempting to undermine what you’re
constructing, whether through hacking attempts, regulatory
challenges, or others keen on causing harm to Bitcoin. “Crypto is a
pretty hostile place, to be honest, full of people attacking what
you’re building,” he said. As the curtains draw on the unsettling
revelation of the “Randstorm” vulnerability, it’s a stark wake-up
call for those still tethered to Bitcoin wallets from the pre-2016
era. The ominous specter of technological evolution looms large,
and the recent exposé by Unciphered sheds light on the potential
peril faced by those oblivious to the vulnerabilities embedded in
their outdated digital fortresses. (This site’s content should not
be construed as investment advice. Investing involves risk. When
you invest, your capital is subject to risk). Featured image from
WJHG
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