Electrum Users Claim That Their Coins Were Stolen: Report

Multiple Electrum users claim that their coins have been stolen after the reports of a hack attack on the wallet that resulted in a 1400 BTC theft as we reported in the previous cryptocurrency news.

The details on the previous Electrum wallet hack emerged a few days ago and in the reports, we could read a Github user named Cryptbtcaly explaining that 36.5 BTC were stolen from his wallet address and ended up across five different addresses:

“I had a similar situation 2 months ago. Some of the stolen Bitcoin went to Binance, but they ignore my appeals and do not return.”

The details of a larger hack hit headlines on August 30 when another one from the Electrum users reported 1400 BTC was missing from his wallet. The thieves seem to have utilized a Binance account based on the data from the cryptocurrency company N-Chain. Before the attack, the victims reportedly had not used the wallet in about three years. Using the data from Crystal Blockchain, analysts tracked the same Binance wallet and found out that it was associated with 5 BTC withdrawals from January in 2018.

The comments from a Binance representative revealed that the string of characters as a transaction tag but not an address. The transaction ID or TXID, had more than 75 addresses without tracing back to the lone Binance customer as the representative explained. A phishing attack plagued the Electrum users as well back in 2018 but it is unclear at this time If the incident is related to the present day hack

We also reported a while ago about a new Denial-of-Service (DoS) attack which resulted in a lot of infected Electrum Bitcoin wallets. The number of infected wallets reached 152,000 but the number eventually grew. Most of the infected Electrum Bitcoin wallets come from the Asia Pacific region, Brazil and Peru. The botnet which has been attacking the Electrum infrastructure is constantly growing and is reported on many best cryptocurrency news sites as an increasing threat to wallet holders.
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The attackers implemented their own Electrum servers which hosted compromised Electrum versions in order to fulfill the hack. This resulted in many infected Electrum Bitcoin wallets even back then – which made users’ wallets vulnerable and directed them to “update” the client with a hacked version which led to an immediate loss of funds that were contained in the old versions.