Bitcoin Vigil Software Guards Against Intrusion and Coin Theft

| Updated
by Konstantin Lazarev · 3 min read
Bitcoin Vigil Software Guards Against Intrusion and Coin Theft
Bitcoin Vigil keeps you and your devices secure, using bitcoin honeypots (which we affectionately call 'money pots') to detect intruders. Photo: Mikhail Bobrov/Coinspeaker

BitcoinVigil is a web service that constantly looks at bitcoin honeypots and alerts you when bitcoins are surreptitiously removed.

Bitcoin Vigil is a service that provides security for you and your devices, the platform is using honeypots (also known as ‘money pots’) to detect intruders.

Bitcoin Vigil is constantly tracking bitcoin honeypots and detects malware (software used to disrupt computer operation) attempting to steal bitcoins from PC wallets. Bitcoin Honeypot is a trap set to detect intrusion attempts. It consists of data that looks like a part of the network, but in reality it is isolated and monitored.

Eric Springer, a Canadian developer, thinks Bitcoin Vigil’s project is pretty simple: “You can just leave the bitcoin wallet on your computer, and it will let you know if you have malware.”

The main idea of Bitcoin Vigil is to have a number of coins in your bitcoin wallet, they don’t have to worth a lot (usually around $10).  Bitcoin-seeking malware looks for this ‘honeypot’ and sends an email out notifying the attempts to steal money from the wallet.

In general malware seeks to steal this easy money. If it happens BitcoinVidil notifies you so that you can take an immediate action. After receiving an email or message about your stolen money, you can stop using that device to enter passwords or decrypt anything that can cost a lot more in the end. 

How does it work

There is an option for the users of Bitcoin Vigil website that permits them to download a database file containing the wallet’s detailed information. The bitcoin wallet is unencrypted that makes it easy for malware to intrude.

Bitcoin Vigilis safe to use, it’s just a simple file wthout any viruses. Moreover it’s quck and easy, to create a money pot would take just a minute of your time. Money pot is a place for which walware is usually looking for on infected computer.

If the small amount of bitcoins is tracked moving, Bitcoin Vigil informs you by email or sends you an SMS (you can ge this assitional option).

Springer says malware creators just looking for something to steal not bitcoins in particular: “I don’t think anyone’s going in specifically targeting bitcoin as their only purpose [for malware], I just don’t think that they have any ethical concerns stealing whatever they find.”

Malware Going After Bitcoin

Dell SecureWorks recently rdentified 146 different types of bitcoins malware in their report. The number of cryptocurrency stealing malware (CCSM) increased when the value of bitcoin went up. Another reason for malware is that it’s easy to steal money from unsuspected users

According to SecureWorks, the most common type of CCSM is known as the “Wallet stealer.”  is the most common type of CCSM and it looks for files in that are similar to  wallet.dat that Bitcoin Vigil uses.

Springer says that if there is an unauthorized transaction Bitcoin Vigil system sees it:

“Whenever it notices a transaction it just looks at all the inputs. And if it comes from one of the wallets I generated I just send an SMS and email out.”

Cryptocurrencies as IT security

After losing some bitcoins Springer decided to create the platform to detect the stealers of bitcoin, that hadn’t existed before. Though not everyone keeps its wallets on PC, he thinks that those peple who are at risk of losing important information could find Bitcoin Vigil quite useful.

Bitcoin Vigil service is a way that allows you to detect system intrusions and  to take action before major things happen.

Bitcoin News, Cryptocurrency news, News
Konstantin Lazarev
Co-Founder & CIO Konstantin Lazarev

Konstantin has always been at the forefront of the global virtual currency scene since first discovering cryptocurrencies the same year that Satoshi Nakomoto created bitcoin in 2009. Konstantin is the owner of a number of small businesses in trucking and mobile development, and co-founded CoinSpeaker in 2014. He graduated from Belarusian State University in 2009 with a degree in Mathematics and Mechanics. You can contact Konstantin via [email protected]

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