Bitcoin Payment Processor BitPay Warns against Trojan Virus

Posted in: Archive
April 18, 2016 3:30 PM UTC

Global Bitcoin payment processor BitPay has notified users to of a newly discovered Trojan virus that is affecting some bitcoin purchases. Notably, the virus has not compromised any user wallets of payment systems.

In an alert issued on Friday, bitcoin payment service provider BitPay has warned users to be on the lookout for a new virus. While there are no signs of a widespread infection, the “Coinbitclip” virus has affected some bitcoin purchases. The company’s support team received several reports of the virus affecting purchases of the cryptocurrency, on Windows systems specifically.

As the name goes, the Trojan.Conbitclip virus targets a Windows machine’s clipboard. When a user copies the address belonging to the recipient, the bitcoin address is tweaked and changed into a different address belonging to the perpetrator of the Trojan virus via the compromised clipboard.

The attacker’s bitcoin address (which often looks very similar to the original address) receives the funds, intended for the sender’s original recipient.

BitPay’s alert added:

This virus has not compromised any wallets or payments systems. Instead, it’s introduced into Windows computers through malicious software or email attachments.

While the Trojan virus isn’t sophisticated in its means to carry out a malicious transaction, a bitcoin payment cannot be reversed, like cash. However, users with a keen eye for detail in the bitcoin address(es) will be able to spot the attack, every single time.

BitPay is advising users to take precaution and review payment details before confirming a transfer, even more-so if a user finds cause to believe his or her device might be infected.

Furthermore, security firm Symantec has put together a summary of a security report covering the Trojan virus, complete with suggestions on how to avoid infection. Disabling AutoPlay to prevent the auto-execution of executables, a strong password policy, and a comprehensive firewall protection are few of the precautions recommended by Symantec.

Featured image from Shutterstock.

Last modified: May 21, 2020 10:29 AM UTC

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Samburaj Das @sambdas

Samburaj is the Editor for CCN, among the earliest and foremost publications covering financial and blockchain news. He has authored over 2,000 articles for CCN. Email him samburaj(@) or find him barely tweeting @sambdas

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