Invisible Ink Paper Wallet for Storing Crypto, A Relentless 'Anomaly'?

Omar Faridi

MyCrypto, a company that develops products for digital asset investors, has announced the launch of an “Invisible Ink Paper Wallet.”

According to a blog post published by MyCrypto, its new wallet is the “answer to the industry’s rampant theft of user assets,” which could potentially discourage many potential new users from adopting cryptocurrencies.

A “Black Swan” That Can’t Be Ignored?

The firm's latest release 'includes' a comment from prominent bitcoin advocate, Andreas Antonopoulos.

MyCrypto’s Invisible Ink Paper Wallet will remain, in my opinion, a relentless anomaly that refuses to go away — a black swan that cannot be ignored or extinguished.

According to MyCrypto’s blog post, the Invisible Ink paper wallet is one of the “easiest and safest mechanisms” to “securely store” cryptoassets. Taylor Monahon, the CEO of MyCrypto, highlighted an important issue in the crypto space: “A lot of users in this space get their private keys stolen because they write them down improperly [or inaccurately], don’t store it in a secure location," or it somehow gets compromised due to mismanagement.

Rebranded To “Allow For Broader Cryptocurrency Usage”

Monahon claims: “With the Invisible Ink Paper Wallet, nobody can steal your funds because nobody can physically see the private key.” MyCrypto’s blog further notes that "the product, internally labeled 'PEWconnect' (Paper Ethereum Wallet), was rebranded to allow for broader cryptocurrency usage in the future — limiting the paper wallet to Ethereum would be unfortunate.”

Explaining how users of the Invisible Ink wallet can “reveal [their] private key,” which MyCrypto's joke does not recommend, users can apply one of the following, if they managed to get their hands on some of these:

  • “ICO Saltwater,”
  • “CryptoKitty Urine,”
  • “Unicorn tears,”
  • “EVM Oil,”
  • “Headlight fluid”

What’s A Paper Wallet?

While paper wallets with invisible ink would be highly impractical - especially if you have to reveal the ink with Cryptokitty urine -actual paper wallets have been around for a fairly long time, although many users are still unfamiliar with them, as the majority of crypto investors still use hot, or online wallets.

According to Investopedia, a paper wallet is an “offline mechanism for storing Bitcoins.” Investopedia’s blog also mentions that the “process [of creating a paper wallet] involves printing the private keys and Bitcoin addresses onto paper.”

It adds: “A paper wallet is considered an extremely secure way to keep Bitcoins safe from cyberattacks, malware, etc. A paper wallet involves ‘printing’ and storing Bitcoins in an offline mode. But it's important to remember that it’s not the Bitcoins that are being printed out like regular currency.”

'Big Spender' Bitcoin Wallet Exploit Is an 'Issue With BTC Itself', Says BCH Supporter

Michael LaVere
  • Crypto security firm ZenGo has identified a double-spend exploit dubbed "BigSpender" which affected popular bitcoin wallets.
  • Exploit allows an attacker to cancel a bitcoin transaction without the receiving user knowing. 

A crypto security firm has identified a double-spend exploit targeting popular bitcoin wallet providers. 

According to a report by ZenGo, the security firm has discovered a double and multiple spend wallet exploit for bitcoin dubbed “BigSpender.” The report claims the exploit allows an attacker to cancel a bitcoin transaction but still have it appear in a victim’s vulnerable wallet. 

The report reads, 

The core issue at the heart of the BigSpender vulnerability is that vulnerable wallets are not prepared for the option that a transaction might be canceled and implicitly assume it will get confirmed eventually.

As CryptoGlobe reported, ZenGo found that a user’s balance would be increased following an unconfirmed incoming transaction, without a subsequent decrease in the event the transaction being double-spent. The firm outlined how an attacker could use the exploit to cancel transactions of sent bitcoin while still receiving goods and services in return. 

The security firm tested nine popular cryptocurrency wallets and found BRD, Ledger Live and Edge to be vulnerable to the exploit. All three companies were notified by ZenGo of the threat and subsequently updated their products. However, the firm noted that “millions” of crypto users may have been exposed to the attack prior to the update. 

Bitcoin Cash supporter Hayden Otto told Cointelegraph the exploit is particularly concerning for bitcoin-accepting merchants. 

He said, 

The technique is facilitated by RBF (replace by fee), a so-called ‘feature’ added at the protocol level by the Bitcoin Core developers.The issue exists if you use BTC. Wallet software can only make some trade off, which results in a worse BTC user experience, in order to try to protect BTC users.

Otto claimed the exploit was derived from “an issue with BTC itself” and had little to do with wallet software. 

Featured Image Credit: Photo via Pixabay.com