Kraken Security Labs Publishes Report Exposing Vulnerabilities in Crypto ATMs

Join Our Telegram channel to stay up to date on breaking news coverage

The growing adoption of Bitcoin as a means of payment has led to Bitcoin ATMs becoming highly popular in various cities worldwide. However, the growth of Bitcoin ATMs has also attracted hackers who are looking to exploit vulnerabilities in these systems. Currently, there are around 26,000 Bitcoin ATMs globally, with 80% of these being situated in the US. Kraken recently analyzed these Bitcoin ATMs to determine whether they are safe for users.

Vulnerability in Bitcoin ATMs

The report by Kraken Security Las revealed that there are major vulnerabilities in some Bitcoin ATMs that are currently in use globally. The report stated that the General Bytes Bitcoin ATMs (GBBATM2) have a vulnerability that can be exploited by a threat actor who can access the admin code.

General Bytes ATMs are some of the widely used ATMs; hence it leaves many users exposed to their assets being stolen. The admin code of these ATMs contains various attack vectors. The code is given to the owners of these ATMs after purchase. The code is scanned on the machine, and a password is set using the backend system.

However, Kraken Security stated that most of the ATMs failed to set up a unique password and were still using the default administrative code that comes with the ATMs. In addition, the same admin QR code is used across all the General Bytes Bitcoin ATMs. This means that a threat actor who gains access to the admin code can compromise any Bitcoin ATMs whose default password was not changed.

Users Advised to Keep Bitcoin Safe

Following this revelation by Kraken Security Labs, the public has been advised to be very careful when conducting a transaction using Bitcoin ATMs. Furthermore, users of these ATMs have been advised to transact using trusted machines. Furthermore, it is best practice to use Bitcoin ATMs installed in areas with surveillance cameras.

Users have also been cautioned against using these crypto ATMs unless it is necessary because of these vulnerabilities. The report published by Kraken shows that both the hardware and software of these ATMs can be exploited. With General Bytes ATMs being widely used, it shows that the number of vulnerable users is high.

Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!

Buy Bitcoin Now

67% of retail investor accounts lose money when trading CFDs with this provider

Read more:

  • How to buy bitcoin
  • How to buy cryptocurrency
  • Kraken Labs Crack Open Trezor Wallet In As Little As 15 Minutes

Join Our Telegram channel to stay up to date on breaking news coverage

Comments

Post a Comment

Popular posts from this blog

Genesis-Parent DCG Agrees to Settle Creditors' Claims

Image
Earlier this year in January 2023, Genesis filed for Chapter 11 bankruptcy after facing a major liquidity crisis following the collapse of crypto exchange FTX. The recent filing from Genesis parent DCG notes that the bankrupt crypto lender holds liabilities of $630 million in unsecured loans due in May 2023. Additionally, it also has a $1.1 billion unsecured promissory note due in 2032. advertisement As per the in-principle deal, the Digital Currency Group ( DCG ) is looking to undertake new debt facilities along with a repayment agreement. This will include a $328.8 million first-lien facility along with 2-year maturity. Additionally, it will also include a $830 million second-lien facility with a 7-year maturity. The filing notes that DCG is planning to pay a total of $275 million to its creditors in four installment payments. If executed, the proposed plan could lead to anticipated returns of approximately 70% to 90% for unsecured creditors in terms of U.S.
Read more

Silicon Valley Bank Reportedly Deactivates Twitter Account

Image
Following its closure last week, Silicon Valley Bank has reportedly deactivated its Twitter Account. Conversely, Twitter user @DrEliDavid reported the bank’s last post regarding their pride in making Forbes annual America’s Best banks for the fifth consecutive year. Alternatively, the financial institution has been auctioned off by the FDIC today. Subsequently, a purchase of the now-collapsed financial institution could arrive by Sunday night. Thus far, The Bank of London has been the only entity publicly reported to submit an official proposal. JUST IN: Silicon Valley Bank $SIVB reportedly deactivated its Twitter account. pic.twitter.com/vTkk1QK3zk — Watcher.Guru (@WatcherGuru) March 12, 2023 SVB Deactivates its Twitter Account The entire financial sector has been struck with panic, as SVB Financial was closed by California regulators last week. Moreover, the collapse signifies the largest bank failure since the 2008 financial crisis. Conversely, as the proc
Read more

Gemini Foundation, A Non-US Derivative Platform Goes Live

Image
Join Our Telegram channel to stay up to date on breaking news coverage A US-based crypto company, Gemini, has officially launched international derivative trading to serve around 29 countries and territories outside the United States. Gemini Foundation, the much-anticipated non-US derivative platform, has gone live and allows its customers to trade spot and derivative products. However, the new service targets retail and institutional traders, excluding US, UK and EU customers. 1/ We’re thrilled to announce that Gemini Foundation’s derivatives platform is now live with our BTC/GUSD perpetual contract trading across 30 countries. https://t.co/NyQLKhsZYt — Gemini (@Gemini) May 2, 2023 Nonetheless, some of the jurisdictions eligible for the services include Singapore, Hong Kong, India, Argentina, Bahamas, Bermuda, British Virgin Islands (BVI), Bhutan, Brazil, Cayman Islands, Chile, Egypt, El Salvador, Guernsey, Israel, Jersey, New Zealand, Nigeria, Panama, Peru, Philippines, S
Read more