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Blockchain startup hacked itself to ‘save’ $13M of its users’ cryptocurrency

A blockchain startup hacked its users’ wallets to save $13 million in Bitcoin and other cryptocurrency from being stolen, ZDNet reports.

Security researchers advised the Komodo Platform of a ‘backdoor‘ in Agama, one of its older wallet apps, that would have allowed hackers to siphon any and all digital assets held inside.

Before that could happen, devs made use of the flaw themselves to extract at-risk cryptocurrency to wallets under their control.

In total, Komodo’s team says it ‘saved’ 96 BTC ($742K) and 8 million Komodo ($11.92M) from potential theft. The controlled funds can be viewed here and here.

Blockchain Wallet

The Blockchain Wallet is the most popular crypto wallet with over 38 million wallets in 140 countries, $200B transacted, and industry-leading low fees.

A blockchain wallet is a digital wallet that allows users to manage bitcoin and ether. Blockchain Wallet is provided by Blockchain, a software company founded by Peter Smith and Nicolas Cary.

Breaking Down Blockchain Wallet

E-wallets allow individuals to store cryptocurrencies. In the case of Blockchain Wallet, users can manage their balances of two cryptocurrencies: bitcoin and ether.

Creating an e-wallet with Blockchain Wallet is free, and the account setup process is done online. Individuals must provide an email address and password that will be used to manage the account, and the system will send an automated email requesting that the account be verified.

Once the wallet is created, the user is provided with a Wallet ID, which is a unique identifier similar to a bank account number. Wallet holders can access their e-wallet by logging into the Blockchain website, or by downloading and accessing a mobile application.

The Blockchain Wallet interface shows the current wallet balance for both bitcoin and ether tokens and displays the user’s most recent transactions. Users can send a request to another party for a specific amount of bitcoin or ether, and the system generates a unique address that can be sent to a third party or converted into a QR code.

A unique address is generated each time the user makes a request. Users can also send bitcoin or ether when someone provides them with a unique address. The send/receive process is similar to sending or receiving funds through PayPal but uses cryptocurrency instead.

Users can exchange bitcoin for ethers (or visa-versa) as well. Users are shown a quote indicating how much they will receive based on the current exchange rate, with the rate changing depending on how long the user takes to complete the transaction. Exchanges do not appear instantaneously in the wallet because it takes some time for transactions to be added to each currency’s blockchain.

Users can also buy or sell bitcoin through the interface, with this service powered by an exchange partner such as Coinify or SFOX. Exchange rates are guaranteed for a limited period of time. To make a purchase, a user must either transfer funds from a bank or can use a credit or debit card.

How do Blockchain Wallets work?

A cryptocurrency wallet stores private and public keys for a transaction. The wallet interacts with multiple Blockchains to validate a transaction, enabling users to purchase or sell one or multiple cryptocurrencies. But, what exactly happens in the background that makes a safe, cryptocurrency transaction possible? Let’s understand it with an example.

Before we move on to how cryptocurrency wallets work, let’s understand the concept of public and private keys that are stored on Blockchain for a transaction. These keys are non-identical pairs of large numbers, wherein, one key can be shared with anyone (public key) and another is kept secret (private key). These keys work very similarly to the lock-and-key concept- your lock (private key) and keys (public key). No matter how many people have the keys, they can only be of use, if it is used to open the right lock, i.e. the private key is rightly paired with the public key.

Once you unlock the locker, you can see what’s stored in it. Similarly, when the public and private keys used in a transaction match, users can see the value of their digital assets (Bitcoins, ICO tokens, etc.) in their wallets.

Example: Say, someone sends you a Bitcoin or any other digital currency. When doing this, the sender is assigning you the owner of that currency to the address of your Blockchain wallet. Now, for you to be able to spend those coins, the private key in your wallet must match the public key that the currency is assigned to. When both the keys match, your wallet balance will increase. In this process, there is no exchange of currency but a transaction is committed, recorded on Blockchain, and the changes are then reflected in the wallet.

Types of Blockchain Wallets:

There are three types of cryptocurrency wallets available to store and reflect a transaction on Blockchain.

1. Software Wallets:

These are software applications that are downloaded on a device (either desktop or mobile) or accessed online. Depending upon the type of device they are meant for, software wallets are further categorized as:

Desktop: The wallets can be downloaded on a PC or a laptop and can only be accessible from the system they are installed on. If anywhere access is not something that you’re expecting, then software wallets are good to go.

Limit: Desktop wallets are a safe choice, but ascertain that your system is protected against virus attacks (as a single vulnerability may make you lose your funds).

Online: Since these wallets run on a cloud, you have the advantage of accessing them to any device (mobile, tablet, desktop) through a web browser.

Limit: The private keys for a transaction (in online wallets) are saved online and are controlled by third party, which makes them a little unsafe option to go for.

Mobile: These wallets are available as a mobile app and therefore are available with any time, anywhere access. Along with this, the ability to scan QR codes enables easier and faster funds transfer. Considering the benefits that mobile apps offer, mobile wallet development is popular amongst the three software wallet categories.

While there is no such system that’s 100% secure. All that you need is to adopt adequate security measures at your end if you’re choosing any of the three software wallets.

2. Hardware Wallets:

Hardware wallets store the private keys of users on a hardware device (like a USB). These wallets have compatibility with various web interfaces and offer support to multiple cryptocurrencies. To use these wallets, you have to connect them to any internet-enabled device, enter pin, and confirm. Since all currencies are stored offline, hardware wallets are the securest wallet options available.

3. Paper Wallets:

For paper wallets, the pair of keys (public and private) are generated using a software application and are then printed to make a transaction possible. Paper wallets generally work with software wallets for buying and selling of funds.

Currencies are transferred from software wallets to the public address on paper. And to unlock the funds, the currencies are transferred from the paper wallets to the software wallets. This process is called sweeping, which involves scanning QR codes or adding the keys manually.

Single or Multi-Currency Wallet:

‘The number of cryptocurrencies available over the internet as of 7 January 2018 is over 1384 and growing.’-according to Wikipedia

While Bitcoin still has the biggest Blockchain network, Ripple, Ethereum, Litecoin, Cardano and other altcoins are holding on to the users’ interest. If you or your customers need to deal with multiple currencies for receiving or transferring funds, then there is no need to have a separate wallet for every currency. You can either have a wallet that supports a single currency or one that supports multiple cryptocurrencies. Having a multi-currency wallet is indeed a better and more flexible choice.