Bitcoin Wallet Services Provider Plans to Issue Refunds

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Bitcoin Wallet Services Provider Plans to Issue Refunds
Bitcoin Wallet Services Provider Plans to Issue Refunds

Bitcoin Wallet Services Provider Plans to Issue Refunds

Reportedly, Blockchain, a widely used Bitcoin wallet services provider is mulling a plan to issue refunds to the users who saw their Bitcoins stolen recently thanks to a weakness in its application. Earlier it was discovered that some Bitcoin wallet programs running on the Android mobile OS were facing problems and in consequence, Google addressed and rectified the problem.

Reporting the problem and decision on the part of Bitcoin wallet services provider, an official from Blockchain.info said that it is likely if traders have been affected by this problem their coins will have been taken already; however, such traders need not worry as all of them will be refunded in full.

The organization took the issue in cognizance when one user reported on Bitcointalk.org that he has lost 1.8 Bitcoins that are worth around $218 on Wednesday. The user even told that it may be because of a weakness in the code in Blockchain.info or Firefox’s code that generates random numbers that are similar to the problem found in Android Bitcoin clients recently.

Later on several vulnerable clients that used a random number generator component within Android were helped by Google that sent them patch subsequently. However, some observers realize that My Wallet users on Firefox could be particularly vulnerable and for that they need to upgrade their My Wallet browser extension to the latest versions like Chrome is v2.85, Firefox 1.97, Mac 0.11.

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The official from Blockchain.info also advised fellow users to clear their browsers cache before the next login. Though the exact number of affected traders is not yet clear, an estimate says that whatever the amount, it will be refunded in due process and within a stipulated time period in compliance with the policy.

To rule any further damage, on Tuesday, Blockchain.info also upgraded its browser extensions for Chrome and Firefox and its Mac OSX client.

Several users admit that Bitcoin which is now being mined in third party servers is prone to such risks. There were also some reports that Bitcoin Foundation is looking for self-hosted Bitcoin wallet services to provide high-end features that make users less vulnerable to hacking and provide complete security.

Problems Specific for Android Bitcoin Clients

Earlier it was reported that four Android Bitcoin clients e.g. Bitcoin Wallet, Blockchain, Mycelium Bitcoin Wallet and BitcoinSpinner had problems that have been addressed to the satisfaction of the customers. Google is also working on providing fool-proof technology to rule out hacking by miscreants.

To contact the reporter of this story: Jonathan Millet at john@forexminute.com