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Hackers Stole 1400 Bitcoin by Taking Over Electrum Servers

An anonymous user lost all the bitcoin holding, held since 2017. The scammers successfully nabbed 1400 BTC worth more than $16 million.

Understanding Hackers Plot!

A GitHub customer named ‘1400BitcoinStolen’ elaborated the story of losing 1400 bitcoins which are more than $16 million at the present time. Currently, a single Bitcoin is trading at $11,685.25.

When asked to elaborate more on the incident, the user shared the story. The user held 1400 bitcoins since 2017 on an Ethereum based wallet ‘Electrum’. Recently, when tried to transfer a single BTC, a pop up appeared which suggested a security update for the App before transferring funds.

As the user had an old version of the app, the user clicked on the pop-up. Within no time the update was installed which triggered the transfer. The scammers could transfer all the BTC to their address leaving the wallet balance to zero. The main reason is speculated as to the user had downloaded an older version of the wallet but not from the Electrum website.

Binance CEO CZ also tweeted and cautioned the people about the hack and said that they have backlisted the address.

Electrum Cautioned Users in Advance

The Ethereum based wallet- Electrum mentioned on its website clearly that the older version is susceptible to phishing. Further, it also cautioned the user to verify the GPG signatures which provide additional security.

Also asked not to download the wallet from any other source other than the website.

Electrum developer Thomas Voegtlin urged all users to update their software. He said.

“Electrum wallet users need to update the software to the latest version (3.3.4) from the official repository and be particularly careful with update or other warning messages that could be disguised phishing attempts.”

Crypto Scams Growing Steadily

The growing interest among the masses on cryptos, specifically Bitcoin has led to a rise in the crypto scams often. Very recently, big social media platforms like Twitter, Youtube was also hacked. 

Many people fell into the trap on twitter and sent out their bitcoins for the urge to double it. However, the hacker could not make a huge amount as the exchanges jumped into action and blocked the address.

Collectively, the user needs to be aware of these types of phishing attacks and secure their funds or the digital assets in a more secure platform. Many users also suggested holding BTC or any other digital assets in different wallets if the number is high.

In a nutshell, phishing attacks are common in the crypto space but the alertness of the user plays an important role in avoiding these attacks.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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