Malware directed towards the attack of Bitcoin ATMs has been found in the underground market at US $25,000 sale. The data on the Bitcoin ATMs malware was published by the security researchers at Trend Micro. This gave an example to the criminals who restricted themselves to banking ATMs for longer time have increased their dark web by targeting the Bitcoin ATMs.
The main reason for these digital currency based ATMs to become the target is the main reason and the adoption of cryptocurrencies. The malware makes bad use of the vulnerable nature of the service which helps the user to purchase 6750 worth of bitcoin. The purchase is made through British pounds, US dollar or euros. Cryptocurrency is brought through leveraging Europay, Mastercard and Visa (EMV) cards or Near-Field Communication (NFC) which is in store to the malware buyers.
Fernando Merces, Trend Micro’s Senior Threat Researcher has commented,
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.
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.
According to the researchers of Trend Micro, more than 100 reviews has been received by the vendors of malware which says that there is a possibility for the malware to receive resistance. As per a CNN report, the count of Bitcoin report has crossed the mark of 3500 worldwide. The malware which target these ATMs can be accessed from any part of the globe. But it is to be noted the vendor support is restricted to the markets which is 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.
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A social media geek, Chandrakana Ray loves to track every buzz around the ever volatile cryptocurrency market, swinging moods of the crypto titans and unearths more about blockchain technology to make it a pleasant read for crypto enthusiasts. As a Business Correspondent with Cryptodawn, her writings zero in on every development of cryptocoins with an aim to give the most of it. A gourmet, she delves into myriad culinary to satiate her gastronomic urge.