Close
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
Read Down
Sign in
Close
Welcome!Log into your account
Forgot your password?
Read Down
Password recovery
Recover your password
Close
Search
Logo
Logo
  • Latest News
  • Big Data and Analytics
  • Cloud
  • Networking
  • Cybersecurity
  • Applications
  • IT Management
  • Storage
  • Sponsored
  • Mobile
  • Small Business
  • Development
  • Database
  • Servers
  • Android
  • Apple
  • Innovation
  • Blogs
  • PC Hardware
  • Reviews
  • Search Engines
  • Virtualization
More
    Home Cybersecurity
    • Cybersecurity
    • Mobile

    Android Security Flaw Puts Bitcoin Wallets at Risk

    By
    Nathan Eddy
    -
    August 12, 2013
    Share
    Facebook
    Twitter
    Linkedin

      Bitcoin, the maker of the digital currency, announced that a security vulnerability within Google’s Android operating system has exposed Bitcoin users to theft through several Bitcoin digital wallet applications.

      The company said updates are being prepared for wallet apps including Bitcoin Wallet, where the update is in beta testing now, BitcoinSpinner, for which an update is being prepared, Mycelium Wallet, for which update v0.6.5 can be installed from Google Play or the Mycelium Website, and an update is also being prepared for blockchain.info.

      “Because the problem lies with Android itself, this problem will affect you if you have a wallet generated by any Android app,” a note on the company’s Website said. “Apps where you don’t control the private keys at all are not affected. For example, exchange frontends like the Coinbase or Mt Gox apps are not impacted by this issue because the private keys are not generated on your Android phone.”

      The company also advised users to enact a “key rotation” procedure, which involves generating a new address with a repaired random number generator and then sending all the money in the user’s wallet back to the user. The site also notes that if the user has downloaded Bitcoin Wallet by Andreas Schildbach, key rotation will occur automatically soon after the user upgrades, though the old addresses will be marked as insecure in the user’s address book.

      “If you use an Android wallet then we strongly recommend you to upgrade to the latest version available in the Play Store as soon as one becomes available,” the post said. “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.”

      Cryptography is one of the keys to Bitcoin’s success, according to the Bitcoin Foundation. If Bitcoin is to be a viable money for both current users and future adopters, the company needs to maintain, improve and legally protect the integrity of the protocol.

      Building upon the notion that money is any object, or any sort of record, accepted as payment for goods and services and repayment of debts in a given country or socio-economic context, Bitcoin is designed around the idea of a new form of money that uses cryptography to control its creation and transactions, rather than relying on central authorities.

      The security flaw is just the latest highlight of the weaknesses inherent in the highly fragmented distribution of the Android platform. The Android operating system remains a prime target for cyber-criminals, as Android’s user base expands but security remains weak.

      The number of malicious and high-risk Android apps has grown to 718,000 in the second quarter–a massive increase from the 509,000 high-risk apps found in the previous quarter, according to the report. These malicious apps are on track to exceed one million by year’s end, a recent Trend Micro report projected.

      Nathan Eddy
      A graduate of Northwestern University's Medill School of Journalism, Nathan was perviously the editor of gaming industry newsletter FierceGameBiz and has written for various consumer and tech publications including Popular Mechanics, Popular Science, CRN, and The Times of London. Currently based in Berlin, he released his first documentary film, The Absent Column, in 2013.

      MOST POPULAR ARTICLES

      Big Data and Analytics

      Alteryx’s Suresh Vittal on the Democratization of...

      James Maguire - May 31, 2022 0
      I spoke with Suresh Vittal, Chief Product Officer at Alteryx, about the industry mega-shift toward making data analytics tools accessible to a company’s complete...
      Read more
      Cybersecurity

      Visa’s Michael Jabbara on Cybersecurity and Digital...

      James Maguire - May 17, 2022 0
      I spoke with Michael Jabbara, VP and Global Head of Fraud Services at Visa, about the cybersecurity technology used to ensure the safe transfer...
      Read more
      Applications

      Cisco’s Thimaya Subaiya on Customer Experience in...

      James Maguire - May 10, 2022 0
      I spoke with Thimaya Subaiya, SVP and GM of Global Customer Experience at Cisco, about the factors that create good customer experience – and...
      Read more
      Big Data and Analytics

      GoodData CEO Roman Stanek on Business Intelligence...

      James Maguire - May 4, 2022 0
      I spoke with Roman Stanek, CEO of GoodData, about business intelligence, data as a service, and the frustration that many executives have with data...
      Read more
      Cloud

      Yotascale CEO Asim Razzaq on Controlling Multicloud...

      James Maguire - May 5, 2022 0
      Asim Razzaq, CEO of Yotascale, provides guidance on understanding—and containing—the complex cost structure of multicloud computing. Among the topics we covered:  As you survey the...
      Read more
      Logo

      eWeek has the latest technology news and analysis, buying guides, and product reviews for IT professionals and technology buyers. The site’s focus is on innovative solutions and covering in-depth technical content. eWeek stays on the cutting edge of technology news and IT trends through interviews and expert analysis. Gain insight from top innovators and thought leaders in the fields of IT, business, enterprise software, startups, and more.

      Facebook
      Linkedin
      RSS
      Twitter
      Youtube

      Advertisers

      Advertise with TechnologyAdvice on eWeek and our other IT-focused platforms.

      Advertise with Us

      Menu

      • About eWeek
      • Subscribe to our Newsletter
      • Latest News

      Our Brands

      • Privacy Policy
      • Terms
      • About
      • Contact
      • Advertise
      • Sitemap
      • California – Do Not Sell My Information

      Property of TechnologyAdvice.
      © 2022 TechnologyAdvice. All Rights Reserved

      Advertiser Disclosure: Some of the products that appear on this site are from companies from which TechnologyAdvice receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear. TechnologyAdvice does not include all companies or all types of products available in the marketplace.

      ×