![]() Attacking Bitcoin Wallet Users is A Profitable EndeavorĪn unidentified security researcher reports that millions have already been stolen this way. ![]() If users install the forked version of the client and allow it access to their existing wallets, they will inevitably lose funds. However, a messaging system within the Electrum protocol enables malicious servers to send a note that “updates” are required. This urges the user to investigate the matter. ![]() Recently, Electrum launched a two-prong counter-attack on the consistent phishing and malware attacks against Electrum users.įor one thing, they submitted a list of fake domains to Google, who will prevent users from visiting it in the Chrome browser.įor another, they force unpatched, older versions of Electrum offline once they connect to a “legitimate” server. If that is the case, we recommend to users that they stick to the same server (disable auto-connect), until they eventually manage to open a session.” Electrum Server Update Is Coming “Indeed, updated versions are not at risk, but the service might be temporarily unavailable. Thomas Voegtlin, who created Electrum and still maintains it, told The Next Web that users of older versions are most at risk. In this way, Electrum wallets – especially older ones – are more likely to connect to the malicious servers. The attack is reportedly sending 25 gigabytes per second at various Electrum servers, to make them inaccessible. They can quickly install Electrum, generate a wallet, and begin using Bitcoin (or Bitcoin Cash, Bitcoin SV, Litecoin, and even Dogecoin, all of which also have Electrum forks developed by third parties). Previous attacks have netted hundreds of bitcoins.Įlectrum is an SPV wallet, meaning that the user doesn’t need to have the entire Bitcoin database on their computer to use Bitcoin. Electrum Users MUST Upgrade to Latest VersionĬurrently, a massive attack targets the hundreds of servers that service Electrum wallets. This urging comes as the popular crypto wallet faces a massive DoS attack designed to trick users into installing Bitcoin-stealing malware. If users find themselves urged to “update” by the client, they should know that there is no update mechanism within Electrum itself. Electrum Bitcoin wallet users should ensure that they’re using the latest version and that it’s from an official source.
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