Bitcoin wallet electrum

Bitcoin wallet update trick has netted criminals more than $22 million

UTC Updated Aug 31, at p. Going by the username "BitcoinStolen," they described how a pop-up message asked to update their security prior to being allowed to transfer any funds.

Upon installing a purported "security update" for the wallet, it immediately triggered a transfer of the user's entire balance to an address in the possession of a hacker. Binance's CEO Changpeng "CZ" Zhao has moved to blacklist the stolen funds from his exchange, stating users should "beware of this Electrum official update.

Not applicable Control over your money This wallet gives you full control over your bitcoins. This means no third party can freeze or lose your funds.

Electrum has been around since and has gone through multiple updates while also being unable to stop bad actors exploiting previous versions by Sybil bitcoin wallet electrum using malicious servers. Another member on the GutHub thread, "gits7r" — who seems to be associated with Electrum — said the problem comes from the decision by the team early on to allow users to "run their own servers or use servers that they trust.

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Inthe Electrum network suffered such an attack from a bad actor who created multiple fake servers on the Electrum network that saw bitcoin siphoned from unsuspecting victims. Subscribe to Blockchain Bitesour daily update with the latest stories.

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Read more about Wallets Bitcoin Hacks Electrum CoinFlash Disclosure The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Groupwhich invests in cryptocurrencies and blockchain startups.

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