Brainflayer Soon To Hack Crypto Currency Stored In Brain Wallet

By CIOReview | Wednesday, July 22, 2015
895
1431
300

FREMONT, CA: If you think your crypto currency, a form of digital money, is safe in your brain wallet and no one can hack it, you are wrong because Ryan Castellucci, a researcher for the security firm White Ops, has developed a software to hack it.  

Brain wallet is a concept of storing Bitcoins or crypto currency in one’s mind by simply remembering a passphrase and putting it through a mathematical function known as a “hash”. People take it as the safest way to protect their money assuming that no one can hack or seize it. But according to an article by Andy Greenberg in Wired.com, surprisingly one’s mind is the vulnerable place to keep the key to their crypto-liquid assets and adding more complications to it Ryan is releasing the brain-thieving software, called Brainflayer to prove it.

Brainflayer, designed to crack the passphrase of the brain wallet, serves as a public demonstration, a warning to the people who think it is safe. Through this demonstration, Ryan wants to give a message to people to move their Bitcoins to some safe place.  “People still want to use brain wallets because they like the idea of a key stored in their head,” says Ryan.

“…They are in denial about how bad the situation is, and some of them are going to get screwed,” he adds.

Problem with the Brain wallet

The major loophole with the brain wallet is the human brain itself. People think that they have chosen strong and unique passphrase but it’s not the truth because they are incapable of doing it. However, it’s not the major issue, the problem starts when people find it the safest mode. The weak passphrases are so vulnerable that they give hackers the opportunity to guess them and convert them into private keys to try them on every bitcoinaddress on the blockchain- the public ledger of all bitcoin locations.

Pointing the drawback of brain wallet and passphrase, Ryan, says, “The usual bitcoin private key is long enough that no one is going to guess it before the sun burns out. But if hackers just have to guess your passphrase, they are going to do it, because people are terrible random number generators.”