Popular wallet developer Electrum issued an emergency patch over the weekend for a critical bug that left thousands of its Bitcoin wallets exposed.
Ilia Kolochenko, CEO of web security company High-Tech Bridge commented below on why this may just be the start of similar security incidents for crypto currency startups during 2018.
Ilia Kolochenko, CEO at High-Tech Bridge:
“Many blockchain and crypto-currency startups have similar or even worse problems. The global market of digital currencies is very competitive, totally unpredictable and highly turbulent. All available, and often already scanty, resources are usually allocated to development and implementation of new features and bug fixing, while cybersecurity is left for another day. Very few companies have properly implemented an SDLC or DevSecOps approach for the integrity of their products, let alone regulatory and privacy requirements. Therefore, we should expect a growing number of security incidents related to crypto-currency startups in 2018.”