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SlowMist uncovers new Bitcoin wallet vulnerability enabling hackers to steal $900K

SlowMist uncovers new Bitcoin wallet vulnerability enabling hackers to steal $900K

– A vulnerability in the Libbitcoin Explorer 3.x library has led to the theft of over $900,000 from Bitcoin users.

– The vulnerability can also affect users of other cryptocurrencies like Ethereum, Ripple, Dogecoin, and Litecoin who use Libbitcoin to generate accounts.

– The vulnerability allows attackers to access wallet private keys by exploiting a faulty key generation mechanism in the Libbitcoin Explorer.

– SlowMist, a blockchain security firm, has blocked one address that was used to steal over 9.7441 BTC and is monitoring it for any movement of funds.

– The vulnerability was discovered by a cybersecurity team called “Distrust” and reported to the CEV cybersecurity vulnerability database.

– The loophole occurs when users employ the “bx seed” command to generate a wallet seed, which lacks sufficient randomness and can produce the same seed for multiple users.

– The Libbitcoin Institute member Eric Voskuil stated that the bx seed command is not intended for production wallets and may be removed or strengthened with a warning.

– Wallet vulnerabilities continue to be a problem in 2023, with over $100 million lost in a hack of the Atomic Wallet in June.

– Only six out of 45 wallet brands employ penetration testing to discover vulnerabilities, according to cybersecurity certification platform CER.

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