As more and more people have started to adopt cryptocurrency, it has become excessively important that the tools used for carrying out transactions ensure that transactions are safe and secure.

Almost everything, from social media platforms to websites, are oriented for mobile use; the cryptocurrency market has followed the same trend. Wallets have quickly developed to be mobile-friendly and allow customers to easily access their data on their android or iOS devices.

However, these platforms may not be the safest for wallet users, as numerous unfounded vulnerabilities may expose mobile users to risk of data breaches. This can prove to be very expensive for users as a hacker may capture their data and then steal the cryptocurrency that is in their wallets.

One such vulnerability was found in Android devices that allow the android-supported MediaProjection service. The MediaProjection service was embedded into the android system after Android Lollipop (5.0), which means that every mobile with an android version greater than 5.0 is at risk of such a hack. This service could be misused by unwanted persons who can then capture the screen and use that information to easily access the user’s wallet. The vulnerability also allows the hackers to access the audio system of the device. The effects of this vulnerability have far reaching impacts on the android market, as the hackers cannot not only steal the data related to cryptocurrency wallets but also other personal information.

However, Google has patched this problem with the android 8.0, which is destined to be released this fall. Moreover, the hack is not 100% hidden as the users will be able to detect a potential hack by observing the screencast icon that may appear when a hack would be in progress.

The detection of such vulnerability just shows how insecure the android systems are and this is one of the greatest limitations of open source systems. The vulnerability was detected by the WBR Labs, which were testing the android system for various security issues. The lab was also recently involved in a contest aimed at detecting security bugs in Huawei and Samsung mobiles.

Crypto Economy World 2018

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