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Bitcoin wallets is vulnerable to hacker attacks

The old generation of bitcoin wallets is vulnerable to hacker attacks due to a JavaScript bug

According to a recent publication by cryptocurrency experts, the old versions of bitcoin wallets built on JavaScript applications can be vulnerable to hacker attacks.

They note that cybercriminals are able to secretly withdraw bitcoins from the old generation of cryptocurrency wallets that were created using SecureRandom which is one of the JavaScript features.

More specifically, hackers can use its bugs to steal funds. Appropriation of someone else’s cryptocurrency is carried out through the Brute Force cyber-attack. As a result, hackers get access to the so-called private keys which, in turn, grant them access to bitcoins.

The underlying cause of this problem is the deployment of the SecureRandom feature to generate private keys and cryptocurrency addresses. Technically, a cryptocurrency address is a code consisting of numbers and letters. This code defines the transaction path. In a way, this address is similar to the regular email address and serves as a password since it has a mathematical connection with the cryptocurrency wallet.

Experts at the Linux Foundation admitted that SecureRandom is not capable of generating an entirely random set of digits when creating a cryptocurrency wallet.

David Gerard, an expert on the Unix operating system, was amongst the first to draw attention to this issue. His publications triggered a stormy discussion between cryptocurrency experts and enthusiasts.

This expert also notes that cryptocurrency addresses created before 2013 through BitAddress or Bitcoinjs (before 2014) are most likely compromised because of the above mentioned JavaScript bug. Gerard insists that modern software used by companies that provide cryptocurrency wallet generating services face the risk of being hacked as they use old GitHub codes for their wallets.

Bitcoin owners should immediately set up cryptocurrency wallets on more secure platforms and transfer their funds to the new wallets. This way, they will be able to protect their money against Brute Force attacks.

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