31 August 2020 14:16, UTC

Anna Martynova

An Electrum wallet user claimed that he lost 1,400 BTC (about $16 mln). The reason for the loss of such a large amount is that the user ignored the update of the old version of the popular software wallet.

Back in early 2019, a lot of news headlines were talking about the Electrum hack. Then the attackers launched a whole army of botnets aimed at the wallet network. They successfully carried out the Sybil attack, displacing legitimate servers with malicious ones. At one point, attackers controlled nearly 71 percent of all nodes, and users received fake error messages requiring them to download malware-infected wallet software disguised as a security update.

Electrum developer Thomas VOEGTLIN urged all users to update their software during attacks. However, not everyone paid attention to his words. All versions of the wallet older than 3.3.4 are vulnerable to phishing attacks – which is exactly what happened to a user who lost colossal funds.

Image courtesy of YouTube

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