1400 BTC worth $16M stolen due to Electrum wallet exploit.

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Avatar for alberdioni8406
4 years ago

What you could do if you found out that all your 1,400 Bitcoins got stolen, not by your mistake but by a phishing attack who was directed to one of most trustable wallet crypto provider, The Electrum wallet?!

Well, I believe nothing...

This happened to a user who got wiped out astonishing 1,400 BTC worth almost $16,3M in market prices today, when he accessed his wallet and received a pop-up message asking him to update security before he proceeds to update the wallet, which he did and that pop-up message was fake and triggered to lose all funds worh $16.3 millions.

Check the Github history here where the user posted this alarming incident with electrum wallet:

https://github.com/spesmilo/electrum/issues/5072#issuecomment-683356052

 Here check the Transaction history:

https://blockchair.com/bitcoin/transaction/ef600c380a239d9b929c6c964deaf7060e309750950a516cee65576232b0c53c

The criminals who exploit the electrum wallet are very smart and anyone could fall in their trick, when the user have an old version of the storage tool and want to access funds, the system installed by this scammers invite the user install a new updated version and if the user accept that invite, the system trigger the send mechanism to the criminals address and the user nothing can do to Stop the attack and this happens on version 3.3.4 that are susceptible of attacks.

The problem isn't the wallet provider, not at all, but the servers who are used to communicate are susceptible of phishing, when update to a new version the users are downloading a malicious program who trigger the customers funds to be sent to criminals wallets, more about how this hackers access users funds are well explained on this post.

 It's important to always download and install wallets for official sites and never download extensions or files that comes into our dashboard without prior check, because we are susceptible to phishing attacks, scams, remote access to funds and other techniques conducted by criminals with intentions to steal Crypto and cause victims all over the space.

Take care and be smart online, don't forget to download Brave Browser to protect your surfing online and make some BAT tokens watching non intrusive ads, subscribe for more updates.

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4 years ago

Comments

The criminals who exploit the electrum wallet are very smart and anyone could fall in their trick, when the user have an old version of the storage tool and want to access funds,Well explained mate! Thank you so much!

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4 years ago

My pleasure to share it!

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4 years ago

Nice article

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4 years ago

Very useful articles

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4 years ago

I’ve seen this reported elsewhere but if I had 1400 BTC I would have split them between different wallets. Just like old saying goes, “never put all of your eggs in one basket”.

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4 years ago

That is a good plan, if someone could crack one won't be able to steal all your wealthy.

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4 years ago

With huge heists like this I always wonder how the hackers plan to be able to spend the money. I mean, any exchange isn't going to accept that amount when they know this just happened. I suppose they could buy things on the dark web? But it would take forever to be able to even benefit from much of this stolen BTC...

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4 years ago

In that case, it is better to have a cold wallet.

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4 years ago

That's the best option to use 🙌

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4 years ago

That is a huge amount! I would have a heart attack if it was me haha! But seriously, I guess now is the time when people should start considering the usage of hardware wallets. It is way safer than the regular wallets. It costs money of course, but I think it's very worth it.

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4 years ago

Yea and I think he just committed a whole wrong storage, you can trust third parties to store your crypto you must store it by yourself preference in a offline wallet.

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4 years ago

That's right. Unfortunately for him he did a big mistake and it was very very expansive.

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4 years ago

Unfortunately and stay a lesson"never put all your eggs in one basket"👌

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4 years ago

Yes. Probably one of the most expensive lessons throughout history if not the most expensive.

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4 years ago

One of the most expensive lesson in the world🙌

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4 years ago

Yeah, I think in this case I agree. I think for normal people it really doesn't make much sense to have a hardware wallet, but for somebody with $16 million or more it is pretty clearly a good idea. I feel terrible for them though.

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4 years ago

of course! we aren't talking about few dollars here. It's 16 million dollars! Most people will lose their minds if that happens to them so yeah he should have spent few dollars to get a hardware wallet instead. As for normal people, it really depends on how much cryptos they have.

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4 years ago

It is a pity.... Such a bad incident 🙏

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4 years ago

This would be so devastating, I can't imagine it

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4 years ago

That hacker might not go to prison cuz the government will use him/her to prevent some hackers and he can help also to tolerate some hackers in this world

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4 years ago

great post

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4 years ago

Brave user here 😊

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4 years ago

Oh great🙌

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4 years ago

What a huge money hays I didn't know If I can take it gosh

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4 years ago

Yep and the user just lost it...this is the work of Crypto always with scammers trying to eat you alive😓

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4 years ago

What a major loss to that person, for me it could have caused a heart attack. Thank god I dont have even a fraction of what he lost.

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4 years ago

Well in terms of health I believe many could have an heart attack😀😀😀

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4 years ago