More specifically, the new developer is seemingly the culprit behind this backdoor. The changes were introduced on the same day he received access to the repository in question. This blatant criminal intent can pose significant problems for Bitcoin users. Primarily, the Copay wallet application for mobile and desktop is of great interest. Through the injected code, users of this wallet can have their funds stolen without recourse.
Another Exploit for Criminals
It is not the first time criminals tried to steal funds from Bitcoin wallets via malicious code. Such events have become significantly more common in recent years. Even at the current low prices, criminals favor cryptocurrency over pursuing other financial gains due to a worldwide reach and near-instant transfers. This latest effort is, while somewhat unique, not necessarily as impactful as other attempts to obtain cryptocurrency. Cryptojacking and ransomware remain two other key threats to keep in mind.
It is good to see the Copay developers take swift action. Addressing matters like these needs to be done quickly. With the new wallet no longer suffering from this problem, user funds should be safe for the foreseeable future. It is still up to individual users to ensure they update the wallet to the new version, first and foremost. On mobile devices, this process usually happens automatically.
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