Warning: Hackers target crypto wallets through Telegram using Echelon malware

Cybercriminals have increasingly turned to blockchain technology and cryptocurrencies in recent years in order to generate quick profits.

Consequently, experts have discovered that malicious actors are now actively using Echelon malware with the auto-download functionality of Telegram, according to a researcher from a leading bug bounty platform for blockchain Immunefi.

Specifically, this malware is a kind of programmed engineering code that has a variety of capabilities to compromise the data and privacy of a user’s computer or mobile device.

The malware can automatically be downloaded

In general, this malware poses an enormous risk to Telegram users who depend on the application’s built-in auto-download feature. Once a file is received, the malware is automatically downloaded to the device without the user’s knowledge. 

Following that, victims are not required to run or shut down any apps; the virus will simply be able to access the computer’s footprint and capture screenshots.

The malware file is titled “Smokes night,” and experts have warned that individuals should exercise caution when dealing with this malware since it has the ability to acquire information about non-custodial cryptocurrency wallets as well. On top of this, users are advised that you turn off the auto-download function on your Telegram profile.

Crypto theft on the rise

Notably, more than $1 billion worth of crypto was stolen by hackers in the third quarter of 2021, as per Atlas VPN. In all, 146 hacking attacks and scams have been reported in the first three quarters of 2021, representing a 20% rise over the count of 122 hacking events reported in the same period for 2020.

In particular, Americans lost $3.5 million daily between Q1-Q3 2021 in investment-related cyberattacks amid the growing cryptocurrency sector.