- Blockchain security firm SlowMist issued a security alert on Twitter yesterday. It was about a new vulnerability on the blockchain that allows hackers to steal cryptocurrencies.
- In fact, this vulnerability is so severe that it aids the hacking of cryptocurrencies like Bitcoin. At the time of writing, nearly $900k worth of Bitcoins is missing with the aid of the vulnerability.
SlowMist is a security firm founded in 2018 with the intention of providing security updates and services to the crypto ecosystem. Apparently, the crypto community became alert after they announced a new Libbitcoin vulnerability. If you are new to the crypto industry, it is always important to learn about new vulnerabilities. This is because it could help you avoid falling victim to similar circumstances. Moreover, the new security vulnerability made whales lose Bitcoin worth more than $900k.
What is the new Libbitcoin Vulnerability?
- Distrust announced the discovery of the Libbitcoin vulnerability. Apparently, it is a new form of security threat that allows cyber attackers to gain access to your wallet. Furthermore, the Libbitcoin vulnerability gives these attackers access to the Mersenne Twister pseudo-random number generator (PRNG). It is with this generator they get to generate private keys and hack wallets.
- This vulnerability comes from the poor implementation of Libbitcoin Explorer 3.x versions. The PRNG part of the Libbitcoin Explorer 3.x versions isn’t up to par, thereby giving hackers an exploitation opportunity.
- Because of the poor implementation of these library versions, the Mersenne Twister algorithm utilizes only 32 bits of system time as a seed. The implication of this is that hackers can easily generate the private key of a wallet within a few days period. This is quite sad as the impact is spreading.
Which Cryptocurrencies/Wallets Are At Risk?
- Apparently, many cryptocurrencies can’t stand to the new attack. Even more, there are some crypto wallets susceptible to the attack. Keep reading as we show you some of these cryptocurrencies and wallets.
- Bitcoin, Ethereum, Ripple, Dogecoin, Solana, Litecoin, Bitcoin Cash, and Zcash, are some of the cryptocurrencies affected by the new security threat. A crypto analyst on Twitter show a wallet susceptible to the attack. So you should check if your wallet is here or not.
- Ledger, Trezor, MetaMask, Coinbase Wallet, Rabby, and anything EthereumJS won’t perceive the impact of these attacks. The same with Trustwallet. Nevertheless, some other wallets will fall for these security vulnerabilities. Darkwallet, joystream, and OpenBazaa are some of the susceptible wallets affected.
What is the Solution to this Issue?
- The first solution to this issue is immediate suspension of the usage of Libbitcoin Explorer 3.x versions. Moreover, this is the first recommendation from SlowMist. Furthermore, if you don’t apply these recommendations, you might also lose “$900k” like the whales.
- The second is how you store your wallet’s private keys. When storing your wallet’s private keys, ensure you don’t do so by using screenshots, spreadsheets, or documents. Instead, paper storage and offline are recommended.
In conclusion, the new Libbitcoin vulnerability is the current security threat in the crypto corridor. Apparently, whales lost more than 900k Bitcoin from the vulnerability. Implementing security tips is necessary.