For all of the notable security incidents involving companies dealing with Bitcoin and its variations, the technology behind cryptocurrency has been intriguing enough for investors and developers to take note. The infrastructure behind Bitcoin is innovative and flexible enough to be applied to other applications, such as securing the global payments system, according to FireEye founder Ashar Aziz.
Another phishing scam that takes advantage of flaws associated with Bitcoin has been uncovered, according to cybersecurity company Proofpoint. The email scam has targeted over 400 organizations, including those in higher education, financial services, high tech, media and manufacturing.
The Consumer Financial Protection Bureau released a consumer advisory highlighting known scams and shortcomings of cryptocurrencies. The agency also announced it would begin accepting complaints pertaining to specific virtual currencies or companies that deal in them.
In the latest HP Security Briefing, an expert from the company discusses Bitcoin and the real world security implications of cryptocurrency as a widely used mode of transaction.
A new type of ransomware discovered in June is making it more difficult to track down perpetrators because they hide in the anonymity of the Tor network.
Some financial agencies are moving past the critical and hesitant stage of dealing with Bitcoin into a more tolerant and regulatory phase. The idea is to make the Bitcoin market less susceptible to fraud and crashes, but enthusiasts fear that too much regulation will squash the cryptocurrency.
No matter how you look at it, mobile mining just doesn't add up, says Lookout, which noted in a blog post that "we just don't see a situation in which mobile miners can truly be profitable."
Scammers who take over smartphone processors can use them to mine for bitcoins, and they can generate a good amount of value too--if they commandeer more than 14 million devices. That's the number of Galaxy S3s needed to mine a single bitcoin in one day, according to a blog post from cybersecurity firm Lookout.
A rather basic phishing scam, aided by a U.S. Marshals Service gaffe, scored around $60,000 worth of bitcoins from an investor. While the attack relied on social engineering, according to the Wall Street Journal, the transient nature of Bitcoin made the caper possible.
Extortion, once the tool of neighborhood mobsters, has found its way to the digital realm. Some online scam artists are using the shroud of Bitcoin to exact tributes from innocent business owners across the country.