Bitcoin wallets on Android devices are at risk of theft due to a faulty component responsible for generating random security numbers, the company confirmed in a statement.
In a worrying revelation it said that any wallet app generated by Android could be open to attack, including Bitcoin Wallet, blockchain.info, BitcoinSpinner and Mycelium among others. So, if you were thinking of joining up to any of those networks, maybe hold on to your pennies for now.
Bitcoin is a peer-to-peer digital currency used for purchasing real-world goods and services. The network authenticates and records every transaction made using Bitcoins, doing away with the need for a central regulator.
While Bitcoin is preparing updates for the affected apps, it recommends users re-secure their existing wallets via ‘key rotation” – creating new secure addresses and transferring any money in their current wallet back to themselves.
The company added: “If you use an Android wallet then we strongly recommend you to upgrade to the latest version available in the Play Store as soon as one becomes available. Once your wallet is rotated, you will need to contact anyone who has stored addresses generated by your phone and give them a new one.”