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Bitcoin Scams

Hackers Steal About A Million Dollars Worth Of Bitcoin After Electrum Wallet Hack



An ongoing hack attack against crypto wallet Electrum is in the latest blockchain news after a hacker of a group of hackers managed to steal about 250 Bitcoin or close to million dollars according to reports.

Electrum confirmed the allegations and pointed out that the attacks are consisted of creating fake wallets which fools the users to provide password information or the hackers simply setup an entire system of malicious servers.

 “If someone’s Electrum Wallet connected to one of those servers, and tried to send a BTC transaction, they would see an official-looking message telling them to update their Electrum Wallet, along with a scam URL,’’ – a Reddit user wrote.

The users who were affected by the malicious attack can’t log in into their wallets besides their two-factor authentication code so the hackers can empty the entire wallet balance.

According to another Reddit post:

 “When I logged on it immediately asked me for my 2 factor code which I thought was a little strange as well as Electrum usually only asks for that when you attempt to send,I kept trying to send and kept getting an error code ‘max fee exceeded no more than 50 sat/B [satoshis per byte], I then restored my wallet on a separate pc and found that my balance had been transferred out in full.’’

Electrum posted on Twitter after the incident happened but made sure that the users understand that there is currently a phishing attack going so the users can proceed with maximum caution.

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Bitcoin Scams

Using A Fake BBC News Page, Cybercriminals Managed To Generate Bitcoin

According to research conducted by a British security researcher, he found out that cybercriminals came up with a new scam idea to generate money by deceiving the users on the internet. In today’s bitcoin news we will see how the scam works. The criminals made money by webpage views after they used BBC’s news webpage as a tool to reroute the users to the main website that will generate bitcoin for the criminals. Actually, the scam works by sending a very convincing email to a certain internet user with a link that directs the users directly to the website that looked exactly like BBC News. When the users open the email, they get directed to multiple fake BBC websites which generated a certain amount of bitcoin per page view. This method isn’t a new one. Spoofing has been around many years when many other fraudsters tried to use it as a method to force users to provide confidential information. The difference between the old ones and this spoofing method is the purpose of the scam. Rather than forcing the users to download malware, the scammers only make the users visit affiliate sites. The criminals used the method of ‘’typosquatting’’ which happens when a URL of a legitimate website is misspelled or a few other letters or characters are added to the URL which will direct the user to a completely different website. To make the scam even more convincing, the criminals sent out emails from alleged familiar contacts who have had their email addresses compromised.
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Bitcoin Scams

New Torrent Malware Posing As Movie File Can Replace BTC & ETH Addresses: Researcher

In the latest Bitcoin news, we are focusing on the scams - particularly one malware - which is posing as a movie file on the torrent website The Pirate Bay (TPB) and manipulating web pages and replacing Bitcoin (BTC) and Ether (ETH) addresses, according to the computing magazine Bleeping Computer and its research on January 12th. The malware which is originally thought to inject advertising on Google and in search results is found to perform multiple actions, some of which were discovered by the publication's own researcher Lawrence Abrams.
“What appeared to be an ad-injector into the main Google search page turned out to be only the tip of the iceberg,” the researchers warned.
The file also contains malicious code posing as a movie file on TPB, specifically for the movie "The Girl In The Spider's Web." In reality, the malware is also able to swap out cryptocurrency wallet addresses for ones owned by the attacker. This occurs when users copy and paste using the Ctrl + C function on Windows PCs and has appeared previously in other malware.
“This tactic does not show any sign that could alert the user of the trick. Because the wallets are a large string of random characters, most users will likely not notice the difference between what they expected to copy and the pasted result," Bleeping Computer continued.
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Bitcoin Scams

National Cricket Team Of South Africa Falsely Involved In Bitcoin Lottery Scam

The Twitter account of the National Cricket Team of South Africa was compromised overnight with more than 1 million followers where hackers reportedly offered a fake bitcoin lottery and in today’s bitcoin news we take a closer look at what happened exactly. The CSA account was hacked and the hacker/s tweeted multiple times trying to sell a bitcoin lottery scam to the followers. However, the national team quickly noticed and notified the supporters that they are not involved in the scheme in any way. The tweet claimed that CSA made a partnership with the Luno crypto wallet where users will win 20 BTC if they signed up for it. Of course, the tweet got deleted quickly but in it was a BTC address where the participants ‘’should’ve’’ sent their bitcoins in order to participate. CSA wrote to its followers:
‘’And... we're back! Apologies to all our Twitter followers who were affected by the hack overnight. We are back in control & ready to bring you what promises to be an even more eventful Day 4 of Test cricket. Thank you to our friends at the @ICC for your assistance this morning.’’
Luno also debunked the news making clear that the wallet provider has never partnered with the national team:
 “We distance ourselves from this tweet that is going around.’’
In 2018, many Twitter accounts got hacked where many of them impersonated Elon Musk even one managed to steal as much as $170,000. Scams happened in the name of Charlie Lee as well where scammers tried to fake Litecoin giveaways. The hackers promised the users to send them LTC once they make a deposit to their mobile wallet.
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Bitcoin Scams

Celebrities From Malta Falsely Involved In Crypto Investment Scheme

Two hosts of a local Maltese TV show and an actor from Malta have sent a report to the police that they are involved in a Bitcoin investment scheme after the story was reported on multiple crypto news media outlets. The Bitcoin investment scheme is named ‘’Bitcoin Revolution’’ and the story was first published on Malta Independent and Malta today where two hosts of a morning show in Malta claimed that the famous Maltese actor Davide Tucci is a guest on their show. The hosts Wayne Sammut and Elaine Degiorgio were ‘’convinced’’ by the actor to make a 250 euro deposit on a crypto trading platform called Bitcoin Revolution. The false report on the news outlets showed that Tucci convinced both of the hosts to invest after he got out of bankruptcy because he invested in the platform. It got obvious that the show was fake and only managed to raise 483 euros in a three minute period. The fake report also included instructions on how to invest your money in the platform and also how to sign up. Luckily Tucci reacted fast and posted a Facebook video on his official page where he claims that he has never promoted any activities related to cryptocurrencies and urged the audience to not invest their money. He also declared that he has reported the case to the Malta Police Force’s Cybercrime unit. The hosts claimed that Tucci has never been a guest in their show and they too reported to the Maltese police. The Malta Financial Services Authority pointed out that the Bitcoin Revolution exchange was never authorized by the Maltese government and they will also launch a separate investigation.
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