Often people say that you have to trade off between security and convenience. It may be true as a recent incident happened in Google Play. A malware, known as Clipper, sneaked into google play store impersonating a service called “MetaMask”, which is a very well known ethereum wallet. What this malware does is to steal your clipboard information for cryptocurrencies.
All those above sounds confusing doesn’t it? Let me explain it.
Incident A: Bob was shopping online. When checking out his shopping cart, he were prompted an option to pay bitcoin. To avoid typo, Bob carefully copied the address, a long sequence of number and alphabets, into his bitcoin wallet. All the rest is to confirm and send the correct amount of bitcoin. Nothing can go wrong can’t it?
It won’t until the Clipper is running the backend. It detected the bitcoin address in your clipboard and replaced it with hacker’s one. As a result, Bob wasn’t aware that his bitcoin was sent to the hacker until very late.
Incident B: Bob is a writer. And he often leaves his bitcoin address at the end of his article for any donation. One his article was very popular and had got lots of impression. But unusually he earned nothing. Wondering the reason he went to check out the reason. Although he had seen many transactions to that bitcoin address, he received none in this wallet. To his surprise, the address wasn’t his. And it turned out that he had the Clipper stealthily replaced his bitcoin address at the time he paste it at the end of this article.
How does OctoWallet counteract this risk
OctoWallet never allow your private key out of the device. There is no way for “Clipper” or such steal your cryptocurrency. What it can get are those information that is only available publicly like the blockchain data.
In scenario A, Bob will check the recipient address on his OctoWallet’s screen, where the Clipper cannot manipulate information. Therefore, Bob can always double confirm if the address is correct because he can trust that this OctoWallet won’t be tempered.
In scenario B, Bob just need to validate his address on OctoWallet and it will show if this address is a genuine one or impersonated.
Why do you need an Octowallet
There are so many possibilities of being hacked or scammed. As the technologies are making our life easier, complexity has been tucked under the carpet. When it comes to protecting your cryptocurrency you shall not take any chance because there won’t be a chance for regret. What you need is a simple device that you can count on, that’s OctoWallet.