User lost 1400 BTC due to the old version of the wallet

User lost 1400 BTC due to the old version of the wallet

Lost Bitcoin Can it Be Recovered – Team Joff Paradise


User lost 1400 BTC due to the old version of the wallet

  • Hackers stole 1400 BTC from Electrum crypto wallet

  • Legacy wallets help cyber criminals steal money

  • Several wallets at once are susceptible to attacks due to outdated software

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The owner of the Electum wallet claims that he lost $ 16 million worth of bitcoins due to an outdated version of the storage. Hackers managed to hack the wallet and withdraw funds.

User lost 1400 BTC due to the old version of the wallet

Hacker victim blames Electum

Electrum user claimed that hackers managed to access his finances and withdraw 1400 BTC due to an outdated version of the wallet he downloaded. As proof, the victim of the hackers published a list of transactions made publicly available, where it is clearly visible to which wallet the money was sent..

User lost 1400 BTC due to the old version of the wallet

As can be seen from the list of transactions, the hackers managed to steal funds worth $ 16 million.Binance CEO Changpeng Zhao said that the exchange had already blacklisted the hacker’s address and would not allow transactions with the stolen coins..

The Electrum wallet vulnerability was previously reported by representatives of Malwarebytes Labs. According to their research, the wallet was susceptible to hacker attacks last year..

“In addition to stealing wallet data, any balance in the wallet is sent to one of several pre-programmed public addresses that are under the control of attackers. The chosen destination address depends on the address format used by the infected user’s Electrum wallet, ”the company said in a statement..

At the time, Electrum developer Thomas Vogtlin urged all users to update their software, but not everyone seemed to take notice..   

All versions of the wallet older than 3.3.4 are vulnerable to such phishing attacks.    

“Electrum wallet users should update their software to the latest version (3.3.4) from the official repository and be especially careful with update messages or other warnings that may be disguised phishing attempts,” Thomas Vogtlin said..

User lost 1400 BTC due to the old version of the wallet

Wallet hacks continue

Since the beginning of the year, several large wallet hacks have been recorded at once, as a result of which users have lost millions of dollars of coins. BeInCrypto reported that according to a report published by Liquality developer Mohammad Nohbeh, attackers could steal bitcoins from Ledger cryptocurrency wallets using malware.

The perpetrator creates a transaction that looks like a payment in altcoins (a coin that is not bitcoin), when in fact, bitcoin is withdrawn from the wallet.

Users of Trinity Wallets faced a similar problem, like Electrum. The non-profit IOTA Foundation issued a message urging all Trinity Wallet owners who logged in from December 17, 2019 to February 17, 2020 to urgently switch to the new version of the wallet due to the threat of theft of virtual funds.

Earlier, in an exclusive interview for BeInCrypto, the CEO of the EXMO exchange Sergey Zhdanov said that hackers switched from hacking exchange wallets for attacks on custom crypto wallets.


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