London: Devices used to manage popular digital cryptocurrencies like Bitcoin have security weak spots, say scientists who have found a way to provide better protection against hackers.
Bitcoin is a form of digital currency that is supposed to provide a secure and private alternative to conventional money.
Researchers at the University of Edinburgh in the UK carried out an in-depth security analysis of the communications system used in popular models of Bitcoin wallet.
They created a simple harmful software, or malware, which was able to intercept messages sent between hardware wallets and computers – where users manage their Bitcoin accounts.
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The tests revealed that users’ privacy is not protected. They also showed how easy it is to access Bitcoin funds managed by such devices and divert them into a different account.
Based on the findings published in the journal Information Security, researchers proposed a fix for improving the security of such systems.
This would encrypt particular messages sent between Bitcoin wallets and computers,making them much more secure.