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How Malware is stealing Bitcoins

March 21st, 2017 | by BTC News

How Malware is stealing Bitcoins

The breakthroughs in technology have led to more advanced ways of stealing Bitcoins. Bitcoin thieves realized that they can be easily caught so they looked for other ways to steal Bitcoins. One of the things they came up with was stealing with the help of Malware. Malware that is Bitcoin related includes software that steals Bitcoins using a variety of techniques. This software uses infected computers to mine Bitcoins and disable computers or prevent files from being accessed until some payment is made. Bitcoin thieves stealthem for different reasons. Most of the thieves steal so that they can exchange them for cash while others steal to put significant Wager Bitcoins during gambling. Such wagers decrease the chances of having a Provably Fair game.

Bitcoin thieves use Malware to conduct unauthorized mining. The thieves use parallel processing capabilities built into many modern video cards to mine Bitcoins. Malware is in the form of Trojans and viruses that infect a computer and access thewallet private key. Such malware can also help players to place large Wager Bitcoins during a gambling game. One of the high profile cases of stealing Bitcoins using Malware is that of E-Sports Entertainment whichwere accused of mining Bitcoins by attacking more than 10,000 computers. Another popular case was that of Yahoo European servers that were accused of posting and distributing an advertisement that contained a Malware that could mine Bitcoins and it infected over two million computers. Many internet security companies such as Dell SecurityWorks have found evidence of almost 150 strains of Bitcoin malware that targets those who use Windows. The companies have also reported that malware isnot detectable by the standard malware detection software. Malware stealing is used in Bitcoin Casinos and itreduces the possibility to have a Provably Fair game.

Malware that steals Bitcoins searches computers for Bitcoin wallets and uploads the wallet to a remote server where they are cracked and the coins stolen. Sometimes they can be uploaded to a wrong server and they go to a users’ account. In such cases, if the user is a gambler then he can place large Wager Bitcoins. The malware also steals Bitcoins by recording passwords and therefore there is no need to crack the private keys of the wallets. Bitcoin Casinos have been affected by Bitcoin thefts by malware because they donot allow a Provably Fair game.

Smarter malware takes a different approach by detecting when Bitcoin addresses are copied to a clipboard and the malware replaces it with a different address and tricks people to send Bitcoins to a different address. Gamblers can benefit from such a malware if the Bitcoins are mistakenly sent to their wallets allowing them to make big Wager Bitcoins. . Theft of Malware has affected many people who useBitcoins and casinos are doing everything they can to control theft of Bitcoins by malware and ensure that their games are Provably Fair.

Bitcoin theft by use of malware can help Bitcoin gamblers to place large Wager Bitcoins. Casino owners try to control theft of Bitcoins to ensure a Provably Fair game.

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