90% of mobile cryptocurrency applications are unsafe

There are currently over 1326 cryptocurrencies with a market capitalization of over $334,570,875,392 at time of publication. With such huge amount of money in circulation, the call for security comes into spotlight once again.  One of the most popular and oldest cryptocurrency – Bitcoin has reached $11,000 price after several months of fluctuation, but continuous and steady growth.

A wide spectrum of mobile applications for cryptocurrencies were released during the last few years by various startups, independent digital experts, and even licensed banking institutions. The total number of cryptocurrency applications in Google Play designed to store, process or trade cryptocurrencies has exceeded two thousand.

Currently, as it stands, cryptocurrency is a new lucrative grounds for hackers and are aggressively targeting all possible stakeholders of the booming cryptocurrency market. Just recently, Coinfido performed an exit scam after raising over $374,000 via ICO.

In a recent study by High-Tech bridge, it was discovered that most mobile applications are unsafe and are vulnerable to attacks by cybercriminals, and their use will lead to the loss of personal data and user assets.

High-tech bridge tested some of the most popular cryptocurrency mobile applications on Google Play from the “Finance” category for security flaws, design weaknesses, security of data stored on the user device and those sent/received via the network. Most important flaws found where Improper Platform Usage,  Insecure Data Storage and Insufficient Cryptography.

Ilia Kolochenko, CEO and Founder of High-Tech Bridge, comments:

“Unfortunately, I am not surprised with the outcomes of the research. For many years, cybersecurity companies and independent experts were notifying mobile app developers about the risks of “agile” development that usually imply no framework to assure secure design, secure coding and hardening techniques or application security testing.

To minimize vulnerabilities and vulnerabilities in mobile applications, developers must carefully plan and strictly implement security and confidentiality from the early stages of development. Internal and external testing of application security is also crucial and must be performed on a regular basis, He concluded.

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