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Bug Hits Bitcoin For Android!

News

Aug 12th 2013 at 11:39am

According to Bitcoin, users of their wallets are vulerable to theft due to a "weakness" in the component in the Android OS which generates random numbers (due to the Android implementation of the Java SecureRandom class). This security hole was identified as early as January by a blogger in which random numbers generated twice could reveal private keys.

This threat extends to any wallet apps whicch use the component and allow for user control over private keys, and that includes blockchain.info, bitcoin spinner, and Mycelium. Apps such as Coinbase or Mt. Gox apps remain unaffected as private keys are not crated on an Android device.

Bitcoin developers have recommended that all users create a new address using a repaired and updated number generator and sending all of their money back to themselves. From there, they further recommend updating to the latest version of Bitcoin. Key rotation will be an intergral piece in future Bitcoin versions. 

Bitcoin is a peer to peer digital currency which currently lacks oversight. In the U.S., federal and state commissions are demanding regulation and compliance with money transmission laws. 

[Source | PC World]