Tag: Private Keys

Two Alleged Ethereum ‘Scam Forks’ Appropriating Users’ Private Keys, Report Finds

Two Alleged Ethereum ‘Scam Forks’ Appropriating Users’ Private Keys, Report Finds

COINTELEGRAPH, CRYPTOCURRENCY, ETHEREUM
Altcoins Ethereum Nowa (ETN) and Ethereum Classic Vision (ETCV) are reportedly appropriating the private keys of users trying to redeem their allegedly forked coins. The suspected scam was covered in a report sent to Cointelegraph by the Guarda Wallet development team on Jan. 11.The official website of the Ethereum Nowa project — which doesn’t contain a white paper — describes the process that users are supposed to engage in to obtain ETN. According to the website, the user should first send ETH to an address, and then export the private key and redeem the cryptocurrency using the dedicated online tool.A user on Ethereum block explorer Etherscan has commented on the aforementioned address, asserting that the address is engaging in a “scam [hard] fork/airdrop” after warning “Don’t send anyt
Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today

Proof of Keys Explained: Bitcoin’s First Planned ‘Bank Run’ Is Today

BITCOIN, Coin Desk
Do your bitcoins really exist? The answer might seem like an obvious “yes,” but the brewing “Proof of Keys” movement, launching today, argues the answer is not so clear. How in control a person is of their coins depends on where and how the bitcoin is stored. So participants will be taking their money out of third-party bitcoin services, moving it to accounts only they themselves control. “We’re going to withdraw all our bitcoin from any third party services just to prove that they’re there,” said Trace Mayer, Proof of Keys leader and bitcoin podcast host, in a video announcing the project, adding: ”It’s on the blockchain or it didn’t happen.” As described by Mayer, the motivation is simple. Many bitcoiners leave their bitcoins on exchanges. This is risky, as millions (er, billions) of dol
HitBTC Dismisses Allegations It Froze Accounts in Response to Proof of Keys Event

HitBTC Dismisses Allegations It Froze Accounts in Response to Proof of Keys Event

COINTELEGRAPH, CRYPTOCURRENCY
Cryptocurrency exchange HitBTC has rejected allegations by some of the industry’s best-known figures that it was deliberately freezing user accounts, the company told Cointelegraph in an email Jan. 3.Responding to a request for comment, Peter Swen, a representative from the exchange’s marketing team, denied any link between account freezes and Thursday’s ongoing Proof of Keys event.After user complaints on social media, Proof of Keys’ organizer Trace Mayer had publicly suggested that HitBTC may be deliberately disabling withdrawals in response to the event. He was subsequently joined by others in his suspicion, including John McAfee, wallet manufacturer Bitfi and entrepreneur Tuur Demeester.Mayer’s Proof of Keys event advocates a mass withdrawing of all funds from exchanges and other centr
Research Team Demonstrates Hard Wallets Vulnerabilities, Trezor Promises Firmware Update

Research Team Demonstrates Hard Wallets Vulnerabilities, Trezor Promises Firmware Update

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY
Researchers have reportedly shown how they were able to hack the Trezor One, Ledger Nano S and Ledger Blue at the 35C3 Refreshing Memories conference. The demonstration of the hacks was published in a video on Dec. 27.The research team behind the dubbed “Wallet.fail” hacking project is made up of hardware designer and security researcher Dmitry Nedospasov, software developer Thomas Roth and security researcher and former submarine officer Josh Datko.During the conference, the researchers announced that they have been able to extract the private key out of a Trezor One hardware wallet after flashing — overwriting existing data — a custom firmware. However, they pointed out that this exploit only works if the user didn’t set a passphrase.Pavol Rusnak, CTO of SatoshiLabs (the company behind T
How to Recover Your Wallet if Your Private Keys Are Lost

How to Recover Your Wallet if Your Private Keys Are Lost

BITCOIN, COINTELEGRAPH, CRYPTOCURRENCY
Before the internet brought us dog videos and your grandmother’s Facebook updates, losing money was a traumatic experience. Dropping $20 meant you’d probably never see it again – all you’d have left is that unmistakable sensation of feeling stupid.At least in the fiat world, it’s become a little bit harder to lose money. Centralized institutions mean you can recover usernames and passwords in a jiffy – answering a few security questions or showing your ID to regain access. Help is even available if you burn thousands of dollars in a fire, thanks to a specialist department that pieces them back together and exchanges them for shiny new notes.Unfortunately, this is one hurdle that the crypto industry has been struggling to overcome – and in some cases, the consequences have been eye-watering
Bank of America Wins Patent for Storing Clients’ Crypto Holdings in Enterprise Accounts

Bank of America Wins Patent for Storing Clients’ Crypto Holdings in Enterprise Accounts

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY
The Bank of America (BoA) has won a patent for a system for enterprises to store customers’ crypto deposits, published by the U.S. Patent and Trademark Office (USPTO) yesterday, Nov. 13.The patent, first filed in mid-June 2014, outlines the background to the invention by stating that “as technology advances, financial transactions involving cryptocurrency have become more common,” and noting:“For some enterprises, it may be desirable to aggregate cryptocurrency deposited by customers in an enterprise account.”The patent filing outlines different interactions between customers’ crypto holdings and an enterprise account, with the latter functioning to securely store (or “aggregate”) customers’ crypto deposits. In one proposed setup, the enterprise account itself would be able to conduct tran
Bank of America Patent Application Reveals Tamper-Proof Storage for Private Keys

Bank of America Patent Application Reveals Tamper-Proof Storage for Private Keys

BITCOIN, BLOCKCHAIN, BTC MANAGER
Bank of America has filed for yet another blockchain-related patent, a document published by the United States Patent and Trademark Office has revealed. The patent, titled “Systems and devices for hardened remote storage of private cryptography keys used for authentication,” was filed on September 16, 2018. The document goes on to describe a ‘tamper-responsive’ storage mechanism for cryptographic keys. Securing Private Keys In the patent filing, Bank of America notes that existing mechanisms for private key storage are insufficient and insecure since they are stored locally.  The bank also notes that since most computers are always connected to the internet, their “internally stored private cryptography keys are continuously susceptible to being misappropriated by an entity that desires to
Bank Of America Adds Private Key Storage Filing to Stockpile of Blockchain Patents

Bank Of America Adds Private Key Storage Filing to Stockpile of Blockchain Patents

BLOCKCHAIN, COINTELEGRAPH, CRYPTOCURRENCY
Bank of America (BoA) has gained a further cryptocurrency-related patent, a filing confirmed Oct. 30, continuing its efforts to “be prepared” for the industry’s future growth.The latest award, which adds to the bank’s mounting stack of cryptocurrency and blockchain patents, references storage methods for private keys.Specifically, the filing reads, current opportunities for ensuring private keys remain untampered with are insufficient.“[W]hile many […] devices may provide for acquiring evidence of a security breach (i.e., physical or non-physical tampering with the device and/or the data), such devices do not provide for real-time response to such breaches, such that misappropriation of private cryptography keys is prevented,” BoA writes. The patent filing continues:“Therefore, a need exis
DNA: The Safest Way to Store your Bitcoin Fortune

DNA: The Safest Way to Store your Bitcoin Fortune

BITCOIN, BLOCKCHAIN, BTC MANAGER
To date, storing cryptocurrencies securely remains a significant concern for bitcoin enthusiasts. To address this challenge once and for all, Carverr has created a hack-proof way for digital assets investors to store their DLT-based virtual currency wallet passwords or private keys in a microtube of DNA, as first reported by CNET on August 28, 2018. Bitcoin Meets Genetics DNA (Deoxyribonucleic acid) is the carrier of the unique, unchangeable genetic information of all living things including humans. According to a CNET report, Carverr has created a method that makes it possible for those who have a considerable amount invested in bitcoin and other cryptoassets to securely safeguard their private keys for even generations to come using its offline, hack-proof synthetic DNA technology. In
Coinbase Files Patent to Boost Security For Cryptocurrency Wallets

Coinbase Files Patent to Boost Security For Cryptocurrency Wallets

BTC MANAGER
Coinbase has filed a patent concerning a new technology designed to increase the security of cryptocurrency wallets. Coinbase’s patent was filed on August 14, 2018, and has been submitted to the United States Patent and Trademark Office (USPTO). The goal is to ensure that users can make direct payments from their Bitcoin wallet without compromising on their security. Freeze Logic to Prevent Private Key Exposure According to Coinbase’s patent, it noted that private keys may be a security concern for users since “the private keys of their Bitcoin addresses may be stolen from their wallets.” The idea is that “existing systems do not provide a solution for maintaining security over private keys while still allowing the users to check out on a merchant page and making payments using their walle