Cryptocurrency

Hackers Use Blacklisted Bitcoin Apps for Stealing

Hacker concept

Hackers have their eyes on app stores like Apple and Google, according to a study. The research points out that hackers use malicious cryptocurrency apps to steal money and personal data.

Researchers from cybersecurity firm RiskIQ examined more than 18,000 apps to determine which are the ones blacklisted by cybersecurity vendors.

The researchers found 661 blacklisted cryptocurrency apps still available across 20 app stores. These include Apple’s App Store, Google Play, and others.

Most of the malicious crypto apps were found in Google Play. It had 272 or 41 percent of the malicious apps available for download in the app store.

“We are seeing threat actors around the world exploiting what is already a hostile currency in a lawless digital world,” said RiskIQ vice president Fabian Libeau.

“Before handing over any cash or personal data, investors should carry out thorough research into the exchange and wallet apps they intend to use,” he added. “By checking the developer’s name, user reviews and the number of app downloads, investors can measure the validity of an app and be more confident in their choice.”

The report also found that phrases like “bitcoin exchange,” “bitcoin wallet” and “cryptocurrency” have been used by hackers to lure in potential victims.

Cryptocurrency mining network Nice Hash admitted to being hacked last month. The cyber-breach had tens of millions of dollars’ worth of digital tokens stolen. Within the same month, the owner of South Korea’s Youbit exchange Yapian filed for bankruptcy following a hack that had 17 percent of its cryptocurrency holdings stolen.

Apple and Google were not immediately available for comment.

Stellar Surges 20% Following Stripe’s Announcement

Stellar Lumens logo on white background

Cryptocurrency stellar jumped 20 percent on Wednesday. This followed the statement of online payments company Stripe, saying that it may add support for the digital currency.

XLM, or more commonly known as Stellar, climbed to around 58.96 cents according to CoinMarketCap. It was up 21.2 percent on the day.

The climb boosted the digital currency’s market value to an estimated value of $10.3 billion. This placed the cryptocurrency as the sixth-largest by market cap. Stellar traded near 58.1 cents as of 9:05 AM ET.

Stripe handles payment for more than 100,000 businesses, which includes Warby Parker, and OpenTable. The company announced on Tuesday afternoon that it will stop processing bitcoin transactions by April 23. This decision was due to slow transaction rates and high fees, according to the firm.

Stripe product manager Tom Karlo then said in a blog post, “We may add support for Stellar (to which we provided seed funding) if substantive use continues to grow.”

BWorldFinance is your primary source of news in the financial market, technology, and more. Visit bworldfinance.com now and get the latest happenings on the market. Register an account now and begin your investing journey!

Leave a Reply