TheRomMistress · Aug 12, 2013 at 07:00 am

Security Vulnerability in Android Creates Bitcoin Fraud Threat

Despite previous claims by Bitcoin developers that its open-source wallet application provides “a strong level of protection against many types of fraud,” developers announced Sunday that weaknesses within the Android operating system are responsible for rendering all Android wallets generated to date vulnerable to theft.

The issue lies within the area of the OS that should be generating secure and random key codes, which is why the problem only affects wallets generated by Android applications.

Some applications affected include Bitcoin Walletblockchain.info walletBitcoinSpinner, and Mycelium Wallet. Front-end applications such as Coinbase or MtGox are not vulnerable since private keys are not generated on the Android device.

Updates are still being prepared for clockchain.info and BitcoinSpinner. The update for Bitcoin Wallet is currently under beta testing, and Mycelium Wallet has already received an update. It is strongly recommended to update as soon as a new version is available. In the meantime, key rotation is necessary, according to the Bitcoin developers in their Aug. 11 blog post. “This involves generating a new address with a repaired random number generator and then sending all the money in your wallet back to yourself…Once your wallet is rotated, you will need to contact anyone who has stored addresses generated by your phone and give them a new one.”

The discovery just so happened to coincide with a ruling made by Magistrate Judge Amos Maazant of the Eastern District of Texas federal court that the online payment form be thought of as a true currency. The ruling sets a precedence that anyone committing fraud with the “online crypto-currency” could be looking at more severe penalties. Jon Matonis, executive director of the Bitcoin Foundation, predicted that the International Standards Organization may eventually classify the currency as a “non-national” commodity, which does not need to be issued or backed by any government. Matonis said the ruling “highlights the fact that Bitcoin is becoming recognized as commodity money in the same way that gold and silver are recognized as money.”


_________
Want something on the XDA Portal? Send us a tip!
GermainZ · Mar 5, 2015 at 01:50 pm · no comments

HTC to Replace Swype with TouchPal

According to engadget (citing TouchPal as well as an internal source), HTC aims to replace Swype with TouchPal as the default input method in upcoming devices, including the new HTC One M9. The official TouchPal Twitter account also tweeted the engadget article about this, further confirming the move. What prompted this move? The CEO of CooTek, the company behind TouchPal, says it's because of their better contextual prediction and language support. If you actually look at the supported languages, you'll...

XDA NEWS
Emil Kako · Mar 5, 2015 at 12:10 pm · no comments

Do You Think the Apple Watch Will Be a Huge Success?

Many people are under the impression that once Apple finally launches its smartwatch, the market for wearables will suddenly become mainstream and be taken to the next level. Taking an idea that already exists and making it incredibly successful isn't something new to Apple, but does the Apple Watch have what it takes? The wearable hasn't even shipped yet, but has already won multiple awards and has been featured on numerous fashion magazine covers. Do you think the Apple Watch will be a huge success? Let us know your thoughts.

DISCUSS
Mario Tomás Serrafero · Mar 5, 2015 at 10:09 am · no comments

Huawei: A Giant the Western World Should Look Out For

The smartphone landscape is drastically changing its focus. What was once a North-America-centric monopoly of high-specification phones is now merely an afterimage of the past. The meat of the game is elsewhere now; emerging markets looking for good bang-for-buck are what OEMs are increasingly aiming towards, and in this new game the old players must adapt-or-die. Xiaomi has grown at one of the most notable rates in the industry, leading it to become the world's most valuable start-up; and its...

XDA NEWS
Share This