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Nexo

This Ongoing Bitcoin Wallet Hack Has Stolen $22 Million In BTC

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin
0

Regulation has started to sweep the crypto market, starting with Bitcoin derivatives trading platform BitMEX being targeted by the CFTC and the DoJ. These US government agencies seek to put a stop to market manipulation, exchange hacks, and much more.

However, there’s an ongoing Bitcoin wallet hack that regulators can’t do a darn thing about that has since stolen a total of $22 million in BTC and the number climbs with each passing day and unsuspecting user. Here’s what the hack entails, how to avoid it, and why it’s been so successful at stealing cryptocurrency for so long.

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Electrum Wallet Backdoor Infects Crypto Users At Prompt To Update

Months ago, a GitHub user in a panic posted a message warning users of a horrible mistake that resulted in 1400 BTC valued at $16 million at the time.

They had updated their Electrum wallet software to access their Bitcoin wallet, to later find it drained of all 1400 BTC.

The user explained the situation and it made waves on Twitter to raise awareness so that others didn’t fall victim to the same fate. But they did.

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According to ZDNet, the scam continues to run amok and has now racked up a total of $22 million worth of Bitcoin since it first began.

An unexpected prompt to updates the software for security reasons triggers a backdoor opening. Rather than pinging official Electrum servers, it’s rerouted to the hacker’s servers, which allows access to the user’s wallet.

Roughly ten different wallets are involved according to a blockchain investigation, holding a grand total of 1980 BTC. The largest chunk is related to the initial 1400 BTC lost that was widely reported on but has been continuing to scam crypto investors since.

btcusd hack

The Total Amount of BTC Stolen in USD Value, According To Current Bitcoin Prices | Source: BTCUSD on TradingView.com

Common Bitcoin Scams And How To Avoid Them

Bitcoin scams and hacks take on all shapes and sizes. Here are some of the most common.

Ransomware is an attack on computer software that locks down critical systems and demands a crypto asset in exchange to unlock the system.

SIM-card swaps take place when hackers spoof the SIM-card and cell phone numbers of an investor’s smartphone and use SMS-based authentication to access accounts.

RELATED READING | WHY THE UPCOMING US ELECTION IS BITCOIN’S BIGGEST RISK

Twitter giveaway scams ask for a sum of crypto to be sent in exchanges for a larger sum in return. These scams are too good to be true, but people regularly fall for them due to the accounts impersonating popular celebrities and politicians.

Exchanges can also be hacked, and even personal web wallets aren’t fully safe. The only full-proof way to protect crypto assets is to store them offline in a cold storage wallet, where hackers cannot access them.

Stay safe, and watch our for these common Bitcoin scams and pay extra caution when updating wallet software.

Featured image from Deposit Photos
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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