Bitcoin ATM malware detected in underground market at US$25,000 sale 22575 Bitcoin ATMs
News
Ashmita Dutta
Sep 7, 2018 at 4:40 PM

Malware directed towards attacking Bitcoin ATMs has been found in underground market which is at US$25,000 sale. The security researchers at Trend Micro has provided this data on the Bitcoin ATMs malware. With this instance, criminals who limited themselves to banking ATMs for so long, have expanded their dark web by targeting Bitcoin ATMS.

The fundamental reason for these digital currency based ATMs to become target is the growing popularity and adoption of cryptocurrencies. The malware makes wrongful use of the vulnerable nature of the service which facilitates the users to buy 6750 worth of bitcoin. This purchase is made by using British pounds, US dollar or euros. Cryptocurrency is bought leveraging Europay, Mastercard and Visa [EMV] cards or Near-Field Communication [NFC] which the malware buyers are provided with.

The Statement of Senior Threat Researcher at Trend Micro

Bitcoin ATMs fall short of standardization which may lead to an issue. Fernando Merces, Trend Micro's Senior Threat Researcher has written, "Unlike regular ATMs, there is no single set of verification or security standards for Bitcoin ATMs. For example, instead of requiring an ATM, credit, or debit card for transactions, a Bitcoin ATM involves the use of mobile numbers and ID cards for user identity verification.

He has further added, “The user then has to input a wallet address or scan its QR code. The wallets used to store digital currencies are not standardized either and are often downloaded from app stores, posing another security problem.”

As per the researchers of Trend Micro, 100 reviews or more have been received by the malware vendor which implies that there is a possibility for the malware to get resistance. According to a CCN report, the Bitcoin ATM counts have reached beyond the mark of 3500, worldwide. The malware targeting these ATMs is accessible from any part of the world. However, the vendor support is limited to the markets dominated with German, Russian and English language.

Current record shows that United States has been supportive towards 2166 crypto ATMs whereas, United Kingdom has 171 ATM machines. Among the top five nations to have these ATMs, Russia is one of those with a count of 72. Switzerland and Austria, which are mostly populated with German people have Bitcoin ATMs at 29 and 153 different locations.

 

See also: Crypto fever rises to 79% in the US; with Bitcoin showing the most popularity

See also: Bitcoins can now be used to purchase a Rolls Royce

Image via Shutterstock

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