Saturday, July 20, 2019

Cryptocurrency Hardware Wallet Used by People in UAE Encounters Security Issues

Beam Wallet, a hardware wallet for storing cryptocurrencies experienced a “critical vulnerability”. This was announced on the tech company’s Twitter account on January 9, and users of the application were directed to uninstall and download a newer version. It is believed that hackers had compromised the previous version of the app after detecting its weakness.

Application Used By Over 750,000 Faces Security Risks

Beam Wallet on its website claims to be an application that is used by over 750,000 people in UAE for accessing goods and services directly from their phones. However, its developers, Mimblewimble decided to add a feature that will enable cryptocurrency transactions to be carried out. As per a report, this did not go down well given the turn out of events.

This can be attributed to the fact that days after the launch of the new feature, BeamPrivacy, the company’s Twitter handle tweeted that: “Critical Vulnerability was found in Beam Wallet today.” They further stated that the bug was not detected by an outsider, but the company’s development team.

Secret Keys, Passwords and Funds Were Uncompromised

A few minutes later, another message was posted to clarify that secret keys, passwords, as well as the data stored in these wallets, were unaffected. As such, there was no need to delete the database and other wallets. However, the team called for an immediate course of action to ensure its clients are protected.

One of such is the discontinuation of the use of previous versions of the apps. These applications were to be deleted on all machines and specifically, Desktop and CLI devices. The team added that a newer version was to be downloaded only from the company’s official website.

Related Article:  Samsung Galaxy S10 Features Cryptocurrency Wallet and Decentralized Applications

TrezorOne Also Gets Hacked

Reports have also revealed that this is not the first instance of a hardware wallet vulnerability. A similar event, was when a team announced that they had maliciously gained access to some wallets. These were Trezor One, Ledger Blue wallets, and Ledger Nano S. In the case of Trezor One, hardware wallets which did not have a passphrase had their private keys extracted.

BTCNN on January 10 outlined the various  Bitcoin wallets that can be used to safely store digital assets. These are wallets that can be used to store funds anonymously, and they still do a great job at safeguarding its stored funds. Notable among them are Jax, Samourai and Electrum Wallets.

More Articles

Quoine Exchange Sued to Become Singapore’s First Ever BTC...

Singapore-based Quoine exchange has found itself embroiled in a legal tussle with a familiar customer in popular cryptocurrency market maker, B2C2, in what would...

Survey: 85% More Satisfied In Using Cryptos For Remittances

Sending money to a different country nowadays becomes a daily basis for most people. Due to this, numbers of financial entities give their best...

Birth Certificates to be Issued Using Blockchain Technology in...

It appears that two local governments in West Bengal, India, are making moves of integrating the blockchain technology into application of birth certificates in...

Slump in the Cryptocurrency Market Leads to GPU Price...

The sinking prices in the cryptocurrency market have had a direct effect on the cost of mining digital currencies as high-end GPUs (Graphics Processing...

China Allegedly Blocks Crypto Exchanges on Social Media

According to some speculations, Chinese regulators are currently blocking social media accounts involved in cryptocurrency exchanges. As reported by local website Caixin, authorities have shut...

Bitcoin Used To Settle Export Deal between Argentina and...

Bitcoin Disrupts France’s Massive $2.2 Trillion Life Insurance Market

Life insurance companies in France can now include Bitcoin and other cryptocurrencies in life insurance contracts. It will enable them to invest...

Inflation Growth Forces Argentines To Adopt Bitcoin

The acute hyperinflation that is ranging in Argentina has made its citizens to adopt the Bitcoin usage. The inflation which is at...

New Hardware Chip for Android and iOS Smartphones To...

More companies are focusing on cryptocurrency wallets for smartphones and ones that can ensure a high level of security. The latest is from VaultTel...

Is Canada going to be the Global Hub of...

Canada has been one of the leading crypto nation in the world in line with the powerful countries of USA and UK on the...

Indian State to Patent Innovators Ideas Using Blockchain Technology

If you've got an idea on the next big project to execute, but you're short of funds, then there's still a way to get...

FSB: Global Economy Is Not Endangered By Bitcoin

The Financial Stability Board (FSB) assessed Bitcoin and concluded that it poses no danger to the economy of the world, though the currency ought...

Latest Articles

Couple Pays For Breakfast Using Bitcoin, Community Finds This...

A Reddit user by the username u/portageco recently made a post in bitcoin's official subreddit. In his post, u/portageco boasts about how he paid...

Australian Woman Leads Adoption, Tours 10 Countries Spending Cryptocurrencies

Who says you can't go around the world spending cryptocurrencies? As many believe, cryptocurrencies are only good for speculations. But with a little research,...

Did A Physical Bitcoin Just Sell For $99k On...

As at the time of reporting, the listing on eBay had closed. This could be because the seller got a buyer or he decided...

Litecoin Now Approved In 30,000+ Stores

As cryptocurrencies gain ground, more and more technology-based firms find ways to incorporate the nascent technology into everyday life. Moon, prior to this time,...

Facebook Libra Coin did what you all wanted, and...

I think we need to take a step back and look at what’s really happening here… The primary issue with the entire Cryptocurrency industry is...

How To Shop on Amazon with Bitcoin – Step-By-Step...

Wondered how to shop on Amazon with bitcoin? Then here's how you can purchase goods on one of the largest e-commerce websites that ships...

How To Buy Bitcoin On Coinbase – Step-By-Step Guide

Buy Bitcoin on Coinbase instantly in the U.S., UK, Canada, or anywhere you are globally. Coinbase cryptocurrency exchange has enabled its customers buy the...

Grayscale Bitcoin Trust Boosts By 300%, Affects Oil &...

The institutional investment product, Grayscale Bitcoin Trust (GBTC), experienced a growth of more than 300% due to its outstanding performance since February, Forbes reports....

How To Create A Coinbase Account – Step-By-Step Guide

Create a Coinbase account with ease. Use this illustrative guide to create a Coinbase account for buying, selling, and storing cryptocurrencies. And you know...

$9.2 Trillion Transferred Using Bitcoins In 2.5 Years

Against present belief that bitcoin is only used for speculation, James McDowall, a crypto investor and advisor shared a metric about Bitcoin that's been...

Malware Posing as Movie File Manipulates Results and Steals...

A new form of malware posing as movie file was discovered last year and was designed to steal cryptocurrency and inject manipulated results into...

No-fee Mobile Trading App Quantfury Increases Crypto Support with...

The no-fees mobile trading app Quantfury has been expanding its crypto services lately, most notably with the addition of the DASH cryptocurrency. The coin...