What is Electrum phishing?

What is Electrum phishing?

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April 18, 2021 by Ranjbar Webmaster
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Electrum wallet is one of the best options for storing bitcoins. Because Electrum offers a variety of options, it is suitable for both beginners and professionals. This wallet, despite its simple appearance, is one of the safest wallets available. But in the end, the fraudsters used this platform to defraud.
Electrum phishing

In the following, which is written on the subject of electrum phishing, we will discuss some examples of these scams. Regarding the official wallet used for each coin, we must mention an important point that we will include as a reminder to you users before dealing with this article.

We should note that the development team officially provides the Bitcoin wallet only for Bitcoin. The cloned version of this wallet for other Altcoins such as Litecoin, Dash, Verge, etc., are valid only if the desired Altcoin’s official site introduces them.

Claiming the disappearance of Bitcoins

Recently, two new bitcoin hacking attacks were identified, which show that the Electrum wallet is still affected by phishing attacks. In the past year, two Electrum wallet users have reported the loss of large amounts of Bitcoin (BTC) from their wallets. One victim reported the disappearance of 1,400 bitcoins (BTC), valued at a total of $ 81,165,140 at the time of writing, and another claimed 36.5 bitcoins (BTC), valued at $ 2,116,091, from the wallet. His money has been stolen. These events seem to be related to a long-standing phishing scam that has affected Electrum users since 2018. Follow the Antidolos media in an article about electrum phishing to see how valid these claims are.

The official approach of the CEO of OKCoin

Users should be careful about keeping their personal keys, especially when wallet keys, Jason Lau, CEO of OKCoin Crypto Exchange, told the Cointelegraph in response to news of a 1400 bitcoin hack. They have large amounts of crypto inventory in their hands, which attracts hackers. He added: In this incident, it seems that during a phishing attack, a fake error message persuades users to install a security update to fix the problem, which allows the hacker to access private keys and financial resources. Phishing scams are widespread in a variety of financial programs and continue to evolve to advanced levels.

Of course, this is the official claim made by Jason Lau in this regard. Antidolos in the electrum phishing ‘s article is just a narrator. The right or wrong of the claims is the responsibility of their owners.

Background check and Electrum phishing

Early news of phishing scams on the electrum phishing wallet first made headlines on December 27, 2018, with the theft of nearly $ 1 million. “The hacker has set up a collection of malicious servers,” said one Reddit user.

In effect, the hacker routed users through servers to a malicious Web page, forcing them to enter private data, giving users control of their assets to the hackers. The scam also included a fake wallet update that downloaded malware to victims’ devices.

According to the Cointelegraph report in December 2018, the fraudulent wallet address contained 243 bitcoins (BTC). Currently, 637.44 bitcoins (BTC) have been withdrawn from the wallet, and the wallet is empty.

Wallet problems persist for several months after the Electrum phishing attacks became public, including a separate denial of service attack similar to the 2018 phishing attack and misled victims with fake software updates on the Electrum phishing problem.

This is definitely not the first time that Antidolos has warned about the need to use reputable apps in articles it publishes. But one of the most common phishing methods is to publish apps or websites that are very similar to the original website or app but are actually phishing. So beware of these Cryptocurrency scammers and try to check every website or app you use several times to fall into the trap of phishing scammers or so-called phishers.

What is Electrum phishing?

The decryption of $ 80 million Bitcoin theft

In recent months, two Electrum wallet users have reported that Bitcoin assets in their wallets have been stolen. One of the users’ property was stolen in the amount of 1400 Bitcoin and Cryptocurrency. In a post on GitHub on August 30, 2020, the victim said that I had 1,400 BTCs in my wallet that I had not had access to since 2017. He added: “In a foolish move, I installed the old version of the Electrum wallet. I tried to transfer about 1 bitcoin (BTC) but was unable to do so. A pop-up was displayed stating that you need to update your security before transferring funds. I installed an update that immediately transferred all my inventory to the fraudsters‘ address.”

Blockchain tracking by Cointelegraph researchers has shown that there is a possible link between the 1400 bitcoin thief or thieves and the Binance Exchange account, depending on the specific transaction ID.

Transaction ID and Crypto Wallet

However, the transaction ID contains more than 75 different wallet addresses. A Binance representative told the Cointelegraph. He also pointed to the problems associated with tracking. And transmitting transactions in such attacks due to the nature of digital currencies. And the parties to many daily transactions. Adding that it should not be assumed that inflows into a malicious cluster belong to an individual or group. These are attacks. Mainly if the set is used to receive funds directly from victims.

Referring to Cointelegraph’s initial report of 1,400  Bitcoins stolen. The representative said that the account mentioned in the report had been investigated and no suspicious evidence had been found. A previous Cointelegraph report also pointed to a stolen bitcoin (BTC) connection to Russia, although using a VPN could contradict this theory.

Jason Lau’s reaction

In response to a Cointelegraph report on September 1, Electrum’s Twitter account officially announced that Bainance’s address was probably just another victim. The tweet also linked the attack to phishing 2018, adding no need to involve Russian hackers.

Regarding the hacking of 1,400 bitcoins (BTC), Jason Lau said that users should constantly re-check the authenticity of any wallet client software and be more vigilant in verifying the source of all updates.

36.5 Bitcoin (BTC Wallet) Theft Attack

Shortly after the theft of 1,400 BTC became public. Another user at GitHub pointed to a similar case reported two months ago. In which a hacker allegedly stole 36.5 Bitcoin from his wallet has stolen. The victim, known as (Cryptbtcaly) on GitHub. Tracks the stolen funds to five separate addresses. “Some of the stolen bitcoins were transferred to Binance. But they ignored my requests and did not return the funds,” he said.

The controversial point in recent Electrum hacks was that victims stored large amounts of assets in software wallets. A guide from the online training resource (BitDegree) noted that software wallets carry the risk of malware and keylogging. Saying that these wallets are not as secure as hardware wallets, but their use is more straightforward. This makes them suitable for everyday use but not ideal for storing large amounts of money for long periods.

Experts often encourage users to use hardware wallets, such as those offered by Ledger or Trezor. Both companies have faced different challenges recently. Although hardware wallets still seem to be the preferred way of storing digital assets in the long run. And, of course, all security issues are observed in these wallets.

Antidolos

Antidolos and Electrum phishing

Antidolos Media is a reputable website that performs its function as a blockchain media. This media considers the fight against fraud as its primary task. That is why Antidolos has chosen the name of this collection. Dolos is a goddess of lies. So Antidolos could be a good name for a media founded to fight lies and fraud.

You can get excellent information from this media in various fields related to blockchain. In addition to producing informative articles on the blockchain, this website also provides training in this area. You can also use the glossary of this website to get enough knowledge in the field of blockchain.

A handy and essential feature of this website is the introduction and ranking of various projects. Blockchain has allowed scammers to defraud rather than allow users to invest. By introducing multiple projects. This media tries to introduce good investment opportunities to its users. And inform users about fraudulent schemes. So if you are an investor in blockchain-based economics, this medium can be a very reliable reference for you. Just follow this media and informed about the latest news and essential information in Cryptocurrencies and various projects. Antidolos Thank you for reading Electrum phishing to the end.

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