On May 29th, 360 Total Security reported a series of vulnerabilities on EOS blockchain platform. It has been proved that some vulnerabilities allow arbitrary code execution, which means attackers can exploit all the nodes running on EOS to fully manipulate transaction.
Recently, 360 rolled out a security product for keeping private key safe – 360 Virtual Vault. It offers a secure solution for users to store private key on PC. It uses an extra strong encryption algorithm to store and backup private keys for blockchain wallet files of most cryptocurrencies like Bitcoin(BTC), Ethereum(ETH), Litecoin(LTC)(LTC), Monero (XMR).
Now 360 Virtual Vault is online and free for download:
Any security hole can be vital while Blockchain currencies become accessible to everyone
Blockchain has been praised as being the most innovative technological development since the Internet itself.
Its evolutionary and decentralized design makes the transaction storing on it more reliable and immutable. Though the blockchain architecture is designed to be accountable, the user’s private key is the most insecure breach in the whole system. Lots of users take huge risks by saving their private keys in blockchain exchange. In case of EOS vulnerability, the data, such as cryptocurrencies, private key and personal data, stored on the blockchain are transparent to attackers once the system is compromised. In the world of blockchain, losing private key means losing everything. Giving away private key allows others to withdraw all your digital money.
1) 2014/2/14, The bitcoin exchange, Mt.Gox, announced that 850 thousands bitcoins on it were stolen, and it later went offline and claimed bankruptcy.
2) 2016/8/3, Bitfinex reports that due to the vulnerability on its website, the users’ bitcoins it kept were stolen. There were 119756 bitcoins stolen. It’s about 65 million US dollar in valuation.
Keeping the private key safe is critical
Keeping private key safe is always a hot topic when talking about blockchain security. Some people choose to keep their private key with themselves or save it in the exchange. Since the exchange is usually the biggest target for attackers, and its system may contain vulnerabilities, most users choose to keep it with themselves. For example, saving it with cold wallet or portable storage, writing it down on paper. But the risks of losing it remain.
360 Virtual Vault reduces the risk of losing everything because of stolen private key. The built-in 2 way authentication and encryption makes it almost impossible for stealers to crack. Users can specify the wallet files they would like to protect. The wallet file will be safely stored on the PC without worrying it being physically or virtually stolen.