![]() The issuing of Bitcoins and transactions are carried out by the network. Remember that this is Bitcoin – A peer to peer technology which operates without any central authority. More about this hack can be found in the following links:Įven though this issue is fixed in the recent release there are many other ways that a hacker tries to steal your coins. As a result many users easily fell for this scam. The thing is the unofficial electrum website, the malicious wallet software and the Github page were all designed to look same as the original one. Users who fell for this phishing message downloaded and installed the fake electrum wallet client from the hackers Github page which is actually a malware that is designed to steel Bitcoin from users computers. In the same error message the hacker also provided the link to their Github repository. Instead it returns an error message in the client stating that their software is outdated and they need to update it to latest version. Users who attempt to broadcast transaction and those whose wallets that are connected to these servers will not actually process the Bitcoin transaction. First the attacker setup multiple fake and malicious servers on the electrum network. Now the hacker took advantage of this feature. In case if the transaction cannot be performed for any reason (for example low fees)then the online server will respond with the error message stating the reason. When you initiate a transaction, your wallet connects to one of these nodes to broadcast your transaction. These servers are nothing but nodes which can be setup and operated by anyone. Instead it relies on multiple blockchain servers that are available online. So is the electrum Bitcoin wallet weak in terms of security? Should I move my coins to QT and how this all happened? Electrum wallet hack explainedĮlectrum is a Lite Bitcoin wallet which does not require you to download the blockchain to your local computer. Our official website is Do not download Electrum from any other source. There is an ongoing phishing attack against Electrum users. Also they took down the fake Github repository. The electrum wallet developers were aware about this hack and shortly after this incident they came up with a patch and released a new wallet version. It is reported that the hacker stole around 245 BTC from many electrum users which was worth more than $888000 at that time. They then downloaded the fake client, installed it and lost all of their Bitcoins. ![]() So they click the link from the popup message which redirected users to fake Github page. Moreover the Github URL in the in app message seemed legit. Since the message appeared in their electrum wallet client they thought it is an official warning. ![]() Users received this error message particularly when broadcasting the transaction. Not only them but many users became a victim of this phishing attack especially the ones who were using fairly old version of electrum. They were all transferred to an unknown address. Then upon opening the wallet they suddenly noticed that all of their Bitcoins have been disappeared. The user then clicked the GitHub URL, downloaded the upgrade and installed the package. Please visit this link to download electrum wallet version xxx”. “Security update required – Transaction can only be sent after applying the update. ![]() Suddenly they received a popup message in their client stating “Error sending transaction”. This happened in late December 2018.Ī user tried to send a transaction from their electrum wallet. Most of you who are using electrum wallet should be aware about this hack. But before we get into that or before you go ahead and click any link or download the wallet software here is something that you must need to know. We’ll walk you through all the steps from download to verification to installing the latest version. Upgrading electrum wallet is very easy and here in this beginners guide we’ll show you how to upgrade your electrum Bitcoin wallet from version xxx to version xxx. Or you don’t have to delete the current wallet, just download the latest package and install, it will automatically replace your old wallet with the new version. Then download the latest version, install it and then restore it using your seed keys. Once you are certain that you have the mnemonic seed of your wallet you can go ahead and delete your current wallet. In electrum wallet all you need to backup is your electrum wallet seed phrase and additionally the wallet file. Whether it is a core wallet or electrum wallet it is very essential that that you perform a backup before updating or making any changes to your wallet.
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