A computer science engineer at Michigan State University has a word of advice for the millions of bitcoin owners who use smartphone apps to manage their cryptocurrency: don’t. Or at least, be careful. Researchers from MSU are developing a mobile app to act as a safeguard for popular but vulnerable “wallet” applications used to manage cryptocurrency.
“More and more people are using bitcoin wallet apps on their smartphones,” said Guan-Hua Tu, an assistant professor in MSU’s College of Engineering who works in the Department of Computer Science and Engineering. “But these applications have vulnerabilities.”
Smartphone wallet apps make it easy to buy and trade cryptocurrency, a relatively new digital currency that can be challenging to understand in just about every way except one: It’s very clearly valuable. Bitcoin was the most valuable cryptocurrency at the time of writing, with one bitcoin being worth more than $55,000.
But Tu and his team are uncovering vulnerabilities that…