Electrum wallet app hack accumulates over $25 million in BTC

Electrum wallet app hack accumulates over $25 million in BTC

By ircrp | ircrp | 12 Oct 2020


 

An ongoing hack technique first reported in the late 2018 allowing hackers to accumulate over 2,182 Bitcoin has now cost its victims over $25 million in today's fiat equivalent value of the stolen funds. The clever technique reported to be capable of showing users a pop up from the legimitimate Electrum Wallet application luring them into a malicious website prepared with what was promised to be an update of the app.

  • The attack was launched on Friday, 21st of Demcember 2018
  • The technique employed by attackers is to spin up as many public facing ElectrumX gateway servers and intercepting the transfers initiated by victims from their Electrum Wallet to display an error luring customers to a site containing malicious software.electrum-error-message-no-html.png
  • The attack was temporarily stopped on 27th of December by GitHub taking an action and removing a repository containing malicious source
  • At this point of time the news were dominated by cases of victims of the hack, with investigations highlighting the attackers have accumulated 200 Bitcoin within few days worth $750,000 at the time
  • The attack quickly resumed as expected even by the administration of Electrum wallet
  • Although the attack was minimised by a change in newer versions not allowing attackers to respond with customised error messages, the old versions of Electrum wallet still ocasionally fall as victims of the attack
  • The juicy part of the accumulation comes from a single hack carried out on 30th of August 2020 from a single person losing 1,400 BTC due to the attack

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ircrp
ircrp

Crypto enthusiast and a first-time blogger with a full time software engineer work as a passion

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