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If you randomly connect to 10 servers, the chance that at least one of them is performing the counter-attack is very high.” How to protect your Electrum funds This counter-attack has been effective against phishing because it does not require a lot of legit servers. It might be some kind of retaliation after we took steps last month in order to prevent phishing attacks. “We’re not sure what motivates the attacker. Why did the Electrum attack happen?Īccording to lead Electrum developer Thomas Voegtlin, the hacker(s) might be motivated by a personal vendetta against Electrum. As soon as that’s done, all user funds on the old wallets there for the taking by the malicious party.Įxample: Imagine a massive protest or riot outside a building, where a crowd of people blocks the door and effectively stops real customers from going inside, leading them to try and find different ways to access the building.
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This lightweight wallet for Bitcoin doesn’t require users to run a full blockchain node and is very popular with many crypto owners. What is Electrum Bitcoin Wallet?Įlectrum is a pioneering open-source Bitcoin software wallet which first launched in November 2011. Examples are SIM swaps, spyware and spam emails.
![electrum crypto electrum crypto](https://cryptoslate.com/wp-content/uploads/2018/09/Electrum-wallet-screenshot-01.jpg)
Phishing is a scam where a malicious party tricks users into revealing valuable sensitive information such as passwords and bank card details. Electrum’s 1st DoS attack – December 2018Įlectrum’s latest Denial-of-Service attack was allegedly carried out by a powerful botnet (a large number of Internet-connected devices) which overloaded the Electrum servers and follows a nearly identical phishing incident in December 2018 where 200 BTC were stolen.
![electrum crypto electrum crypto](https://www.bestbitcoinexchange.io/wp-content/uploads/2020/10/bitcoin12-5-scaled.jpg)
Electrum warned that older version wallets are still at risk and that users must upgrade their software. The criminals again used a Denial-of-Service (DOS) attack to block user access to the Electrum servers, then duped them into updating their software on a malicious server from where their funds were stolen. The DoS attack on 8 April 2019 was the second in 4 months on the popular Bitcoin (BTC) wallet for desktop and mobile users. Electrum’s 2nd DoS attack- What happened? Over $4.5 million in Bitcoin has allegedly been stolen since the botnet formed less than a month ago. This represents an increase of over 10,000 new machines since the massive DoS attack in early April 2019. According to the MalwareBytes report on 29 April, over 152,000 Electrum Bitcoin wallets and computers are currently infected with phishing malware Trojan.BeamWinHTTP and Electrum Stealer, most of them in the Asia Pacific region and Brazil.