Security researchers from Trend Micro have discovered malware that targets vulnerabilities in Bitcoin ATMs that are sold on the digital black market at a price that can reach $ 25,000 or the equivalent in pounds or euros.
ATMs are targeted by hackers for some time, usually using skimmers and hidden cameras to retrieve funds from the machines.
But, as Trend Micro reports, hackers have taken another approach to stealing from Bitcoin ATMs.
"Unlike ordinary ATMs, there is no set of Bitcoin ATMs or Security Standards. For example, instead of requiring a credit or debit card for transactions, the Bitcoin ATM includes the use of mobile numbers and ID cards to verify the identity of users, "said Fernando Merced, senior Trend Micro researcher.
"Then the user needs to enter the wallet address or scan their QR code. Wallets used to store digital currencies are also not standardized and are often downloaded from app stores, which is another security issue. "
Researchers say that the lack of security and verification regulation is responsible for the recent increase in the percentage of malware attacks. This is also true for crypto wallets, especially for mobile devices.
Malicious software that takes advantage of these vulnerabilities can easily be found in certain forums. It is distributed by reputable user accounts with established activity and history. The software is sold together with an EMV or NFC-compliant card that allows illegal transfer of up to $ 6,750 to the BTC.
Currently, the seller has more than 100 reviews from users who have already purchased the software or other products sold by the user. The vendor also mentioned that they are "open to partnership" with those who are interested in a revenue sharing model.
Given that there are 3,500 BTC ATMs worldwide, it is not surprising that this kind of malware has been developed. But in July 2018, the take-up of Bitcoin ATMs declined by 1.6%, indicating uncertainty in the Crypto markets.
image source - Instagram