Report: Hackers have stolen over $22 million from Electrum users via fake software updates
October 12, 2020, 11:15AM EDT
1 min read
Hackers have stolen $22 million from users of the popular bitcoin wallet Electrum by enticing people to install fake software updates, according to an investigation from ZDNet.
The fake updates, which are prompted by popup messages, trick users into installing malware onto their computers. Users have reported that their funds were stolen immediately upon downloading the file.
This technique has been seen before. The Block reported in 2018 that criminals used the same approach to steal over $700k from Electrum wallet users. The new investigation from ZDNet illustrates the extent to which the scheme has persisted throughout 2019 and 2020.
According to ZDNet, the Electrum team has several steps to prevent this kind of attack since it was first detected two years ago. But the attack still works on users operating on older versions of the app.
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.