A cybersecurity group says up to $2.1B of crypto stored in old wallets is at risk.
While the crypto community is still awaiting the fallout from the recent $100 million Poloniex hack, another cyber security threat that could affect billions of crypto assets has been discovered by a group of blockchain security experts.
In the year On November 14, cybersecurity firm Unciphered released information about a vulnerability it dubbed “Randstorm,” which it said affected millions of crypto wallets created by web browsers between 2011 and 2015.
Today we're releasing our work on Randstorm: a high-risk, browser-based cryptocurrency wallet.
Reporting @washingtonpost https://t.co/OzYDq2tH4W
Technical writing: #Bitcoin #blockchain pic.twitter.com/aN7CZh9sv4
— Unciphered LLC (@uncipheredLLC) November 14, 2023
According to the company, while working to issue a Bitcoin (BTC) wallet, it discovered an issue with wallets created by BitcoinJS and startup projects. The issue could affect millions of wallets and around $2.1 billion in crypto assets, according to the cybersecurity firm.
The company believes that many blockchains and projects can be affected. In addition to BTC, the company highlighted that Dogecoin (DOGE), Litecoin (LTC) and Zcash (ZEC) wallets may also hold exposure.
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In addition, the company announced that millions of people have received warnings about the problem. For those who use crypto wallets created in the time frame of 2011 to 2015, the company recommends transferring their assets to more recently created wallets. He wrote:
“If you are an individual who created a self-sustaining wallet using a web browser prior to 2016, consider moving your funds to a recently created wallet created with trusted software.”
While the company stated that not all affected wallets are equally affected, it confirmed that the vulnerability was exploitable. However, the company did not provide any details about exploiting the vulnerability to avoid providing additional information to bad actors in the space.
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