This alert may not be shared outside your organization, Do Not Repost or send, place on other websites, List servers, or send to others via email, including other associations or parties. Members and Law enforcement use only. Contact us for any permissions. To do otherwise will result in the loss of membership.
Complete Story
07/05/2020
Vulnerability in some popular bitcoin wallets can be exploited to commit fraud
SiliconAngle
A newly discovered vulnerability in some popular bitcoin wallets can be exploited by scammers to commit fraud and even make the wallets themselves unusable.
Discovered by wallet startup ZenGo and revealed today, the vulnerability, dubbed “BigSpender,” was found in bitcoin wallets from Ledger Live, Edge and Breadwallet but potentially affects others as well. The vulnerability allows a scammer to double-spend bitcoin, a process whereby the owner of a wallet is tricked into believing he had received a bitcoin even if the transaction hasn’t been confirmed.
“Imagine receiving a $100 bank wire for some goods or services you just sold,” Obed Leiba at ZenGo explained in an example. “You supply the goods or services as you think you’ve received the money. After all, it shows in your account. Except it doesn’t. It’s just an illusion. The attacker was able to cancel the transaction in a way your bank had failed to detect.”
The same applies to the affect bitcoin wallets and, worse still, can be constantly repeated to the point that the bitcoin wallet itself becomes corrupted and hence unusable.
Alerts
The FRPA alert system distinguishes us from other groups by gathering and providing information to law enforcement, retailers AND financial institutions.
more information
Resources
Your electronic library to help in fighting financial fraud for all of our partners.
more information