Overwhelming majority of crypto apps are insecure

The security firm from San Francisco announced results of its investigation
29 November 2017   530

Conclusions of a research made by High-Tech Bridge company prove that 90% of existing mobile cryptowallets are insecure. They came to that decision after a detailed review of more than 2000 apps. After analyzing of the 30 first available apps the researchers found out that more than 90% of them have at least two insecure disadvantages.

During the process of exploring most popular apps with over 500,000 total installations High-Tech Bridge defined that they are a shade better and little bit more secure but also have minuses. 77% of them contain two “high-risk” disadvantages.

As the researchers noted, prevailing vulnerabilities are unprotected data storage and failures of encrypting systems. All these mistakes put information security in danger.

The founder of High-Tech Bridge Ilia Kolochenko conceives that such problems are the result of inadequate attention to safety and security of mobile apps. He added that it was only the tip of the iceberg.

A special company’s tool named Mobile X-Ray, which was used during the research, is at free access and any interested person can plug it in and check the security of crypto apps.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   125

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.
 

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.