Overwhelming majority of crypto apps are insecure

The security firm from San Francisco announced results of its investigation
29 November 2017   567

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.

$60M Stolen From Zaif Exchange

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchang
20 September 2018   281

Hackers were able to steal almost $ 60 million in cryptocurrencies from the Japanese crypto-exchange Zaif, Cointelegraph reports.

As a result of the attack, which occurred as early as September 14, 4.5 billion yen owned by its users were stolen from the hot wallets of the exchange, as well as 2.2 billion yen, which was the company's assets. Thus, the total loss of Zaif amounted to 6.7 billion yen or about $ 59.7 million.

Tech Bureau Inc, which is the operator of Zaif, in a press release says that it found a server error on September 17, after which the input / output of funds on the exchange was suspended. September 18, the company realized that the error was caused by a hacker attack, and reported the incident to the Financial Services Agency of Japan. Hackers stole 5,966 bitcoins, as well as assets in Bitcoin Cash and MonaCoin.

According to Tech Bureau Inc, Fisco Digital Asset Group will help to partially compensate for the damage caused to users by providing 5 billion yen ($ 44.5 million). Tech Bureau agreed with Fisco to dismiss more than half of its directors and corporate auditors, and Fisco in turn will become its main shareholder.

Earlier this year, Zaif already recognized the existence of a "system malfunction", using which, the clients of the exchange were temporarily able to credit trillions of dollars in their accounts with bitcoins.