Recently there have been numerous reports of people losing their bitcoins to hackers and malware as bitcoin’s price continues to grow in value. It is safe to assume that organizations and individuals trying to steal people’s bitcoin reserves will persistently increase because the decentralized cryptocurrency becomes more valuable to thieves.
‘Faster and More Lucrative Than Robbing a Suburban Bank’
At the time of writing one bitcoin is worth roughly $2900 as it has become a treasured digital asset. While bitcoin’s value has increased the number of people losing money to malware attacks and hackers cracking bitcoin accounts usually follows the price rise in unison. Just recently Cody Brown, founder of the virtual reality community Roomscale.org, lost $8000 worth of bitcoin held on Coinbase.
Brown’s attack vector was through Verizon where the hacker easily took over his cell phone number with a some “simple billing information.” After his phone was compromised the attacker swiped his Coinbase funds in less than fifteen minutes. Brown does detail that he did not use two-factor authentication with his email account, but feels that it shouldn’t be so easy to access Verizon information. He also believes that he may have been targeted after tweeting about bitcoin a week prior.