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Electrum

Welcome to our Electrum news page. Here you’ll find some of our featured Electrum Platform content pieces as well as all our latest Electrum Bitcoin Wallet posts.

Bitcoin Wallet Electrum Sees New Malware Phishing Security Threat Arise

Bitcoin Wallet Electrum Malware

A modification of the Electrum Bitcoin Wallet has been sending a message to users connected to affected servers requiring users to do a security update in order to make a transaction. This message leads users to a download page of software requiring a two-step verification process that if installed, will infect your wallet with the malware and drain it of funds.

Currently, there is no way to recover these losses.

Electrum has advised that anything asking for your authentication numbers should raise a red flag and to avoid these problems altogether, to only download software from legitimate sources like their official website:

https://electrum.org

Or on Github at:

https://github.com/spesmilo/electrum

Developers from Electrum Bitcoin Wallet on the malware:

“We did not publicly disclose this until now, as around the time of the 3.3.2 release, the attacker stopped; however they now started the attack again.”

The software has been modified by Electrum but this is a temporary fix, at best, “This is not a true fix, but the more proper fix of using error codes would entail upgrading the whole federated server ecosystem out there….”

Currently, this attack is ongoing. If you have installed this by mistake, it is unknown what other problems may arise from this. It is advised that you assume your tech is compromised or backdoored. Please act accordingly to protect yourself and your life.

It’s important to remember that Electrum’s wallet is far from the only to suffer an attack of this nature. McAfee released an anti-virus report in December stating that malware attacks on crypto-mining alone have increased over 4,000% just in 2018. The news on crypto worldwide shows the same upward trend on hacks of all kinds so remain vigilant.

Further help and information can be found on Freenode at #electrum or #bitcoin and on GitHub under issue #4968

https://bitcoinexchangeguide.com/bitcoin-btc-ethereum-eth-xrp-ripple-and-eos-price-analysis-watch-feb-7th/


Is Electrum’s Bitcoin God (GOD) Wallet Stealing Your BTC via SEED Phrases? One Redditor Says YES!!!

According to Reddit user ‘Mimblezimble’, people who download the Bitcoin God (GOD) wallet that is currently available on electrumgod.org, may face the risk of having their Bitcoin stolen by the software.

While this story may sound bizarre at first, Mimblezimble claims that he “caught Electrum’s GoD wallet red-handed” while trying to transmit his crypto seed keys to an unauthorized third party agent. However, since he was smart enough to have his network adapter disconnected while installing the wallet, the software was unable to send out any of his private data.

According to the Redditor:

“The wallet immediately tried to reach the ethereumdark.io site with a view on transmitting the electrum seed to the /electrum/seeds.php?seed={seed} script. This should remind you that whatever else you do, you should NEVER allow the secrets to touch the network.

That is why it is so important to export unsigned transaction to the network-disconnected signer (virtual) machine, sign the transaction there, and import the signed transaction back to the network-connected viewer (virtual) machine. In that case, even if the wallet is subverted, corrupted, or infected, it will not be able to steal your secrets.”

Always Put Your Trust In Hardware Wallets

While crypto experts have time and again told altcoin holders to buy a hardware wallet if they own a substantial amount of digital assets, their advice has often gone unheeded.

Also, more often than not, many of today’s new crypto wallets are designed to steal your BTC. Thus, it is advisable to invest in hardware storage solutions that are not only cheap to procure but also provide a very high degree of safety. Some options worth checking out in this regard include TREZOR, OpenDime, Ledger, or KeepKey.

Some Other Pointers To Bear In Mind At All Times

When choosing a soft-wallet, it is always advisable to visit the product’s website. This should be done in order to check out the wallet’s relevant GitHub links as well as social media profiles and telegram chat rooms. You should also make sure that details related to the wallet’s authors are available (along with their email addresses).

Last but not least, the creation date of the wallet domain page should be checked via Whois. This should be done to ensure that the project is old and has thus been in the game for more than just a few months.

As a final word of advice, even wallet offerings that seem to be trusted and verified on Google Play or the Apple App store should not be blindly downloaded (since online stores many-a-time have ‘untested software’ available on their interfaces as well).

In Case You Were Unaware…

This so-called wallet doesn’t have any real affiliation with Electrum.

https://twitter.com/ElectrumWallet/status/1080894086108848128


Electrum Bitcoin Wallet – Secure Mobile & Desktop Crypto Storage?

Electrum is a popular bitcoin wallet that features a simple, lightweight interface. Find out how this wallet works today in our Electrum Bitcoin Wallet review.

What is Electrum Bitcoin Wallet?

Electrum, found online at Electrum.org, has been a popular bitcoin wallet since launching in November 2011. The encrypted wallet protects your bitcoins behind a password and features surprisingly simple code, written in Python. That code is available open source to the public.

Today, you can download Electrum for a wide range of platforms. It’s available for free for Linux, Windows, Mac OS X, and Android. You can download it from the Google Play Store for Android, or visit Electrum.org to download easy installation executables for all other versions.

How to Use Electrum Bitcoin Wallet

After installing Electrum from the sources above, you let the software gather configuration data through a wizard. The wizard will ask if you want to create a new wallet, for example, or you want to restore an existing wallet from a seed. You can also create a watching-only version of an existing wallet.

From the next window, you’ll see a “Wallet Generation Seed”, which is a 12 word phrase that you’ll need to memorize in order. This seed allow you to recover your wallet in case your device is lost, stole, or destroyed. You’ll also see your QR code at this page.

Then, setup a password. Or, leave the password fields black if you want to disable encryption.

You can also configure Electrum to run using a custom server.

Receiving a Payment with Electrum

You can transfer funds into your Electrum wallet through one of your receiving addresses. To locate a receiving address, first click on the “Receive” tab. Double click the first “Receiving” address, then copy it to the clipboard. Next, transfer funds from your current wallet (or exchange, or wherever your bitcoins are hosted). Then, paste your Electrum receiving address into the field marked “Receiving bitcoin address”. Choose the amount you wish to transfer, then send it.

You can view pending transactions under the Electrum “History” tab.

To make a payment, you repeat the process from the Electrum side. You click the “Send” tab, then enter a bitcoin address in the “Pay to” field. You can enter the address automatically or paste it from the clipboard.

Electrum will calculate the default transaction fee. Then, click send. Electrum will ask for your password for confirmation.

These are the basics for using your Electrum wallet. Bitzuma has a good beginners guide to Electrum that you can read here.

Electrum Features

The Electrum bitcoin wallet come with all of the following features:

Encryption: The wallet is encrypted, which means your bitcoins are password protected and encrypted to prevent theft – even in the event your device is lost.

Deterministic Key Generation: If you lose your wallet, you can recover it from its seed. You are protected from your own mistakes.

Instant On: You don’t have to download the blockchain. Instead, you request information from a server. There are no delays, and the blockchain is always up-to-date.

Local Transaction Signatures: Transactions are signed locally, so your private keys are not shared with the server. You don’t have to trust the server with your money.

Freedom and Privacy: The server does not store user accounts. You are not tied to a particular server, and the server doesn’t need to know you. You can export your own private keys.

No Scripts: Electrum doesn’t allow for the download of any scripts. That means a compromised server cannot send you arbitrary code and steal your bitcoins.

No Single Point of Failure: The server code is open source and coded in basic Python. Anyone can run the wallet on their server.

Multisig: Electrum supports multi-signature transactions, which means multiple wallets need to sign a transaction before it’s approved.

Firewall Friendly: Electrum doesn’t require a specific port in your firewall. It simply polls the server for updates.

Overall, Electrum promises to be a safe, easy-to-use, cold storage wallet with multi-signature support.

Who Created Electrum Bitcoin Wallet?

Electrum was created by Thomas Voegtlin in November 2011. Since then, various developers have contributed to the Electrum source code. Additional developers with Github write access include Maran Hidskes, Michael Wozniak, and EagleTM.

Electrum Bitcoin Wallet Conclusion

Electrum has been a popular bitcoin wallet for years. Launched in 2011, the no-nonsense wallet features all of the things you need in a basic bitcoin wallet, including multi-signature support, local transaction signatures, and an easy-to-use interface. You can use it as part of a cold storage setup to securely lock your bitcoins. Or, use it for daily spending and receiving. You can download Electrum today from Electrum.org.


Electron Cash – Electrum Bitcoin Cash Wallet For BCH Storage?

If you want to use cryptocurrency, you need a good wallet and that does not mean a wallet filled with cash, but an electronic wallet that really offers you the features that you need when you need them the most.

There are many cryptocurrencies, so it is no surprise that there are also many wallets that you can choose to use, which can make pretty hard for you to decide which one is the perfect answer to your problems.

To help our readers in which can be a difficult problem, we review, among other products that could be interesting for our readers, cryptocurrency wallets. Today, our subject is a wallet called Electron Cash.

What Is Electron Cash?

Have you heard of the Electron Bitcoin Wallet? Electron Cash is the version of that wallet for Bitcoin Cash (BCH).

As BCH is an increasingly popular cryptocurrency, the need for an electronic wallet of BCH grew and the company that made the Electron Bitcoin Wallet decided to make a version with the same features so that their users can also use this popular new cryptocurrency.

Electron Cash, that is in its Version 2.9.4, can be used in Windows, OSX, Linux and Android.

How Does Electron Cash work?

This product works in a similar manner to Electron Bitcoin Wallet. Using this wallet you can control your own private keys and back up your Electron Cash wallet with a mnemonic seed phrase so you really can be secure.

As it is the case with their other wallet, Electron Cash uses SPV technology, a type of technology that allows users to have more security without needing to download the blockchain.

The code of the program is based on their original program but filled with the necessary information so that their users can store Bitcoin Cash instead.

Using this program, you can expect features like no lock-in, proof checking, cold storages, multisig and no downtimes at all.

How To Invest Using Electron Cash?

To use this wallet, you first have to download it on the site and then you can make an account and transfer Bitcoin Cash to it. The site advise their users to verify their downloads so they know that their download is legit.

It is also important to always use the latest version of the program so you can be 100% sure that you will not find any type of bug and that the program will work in the best possible way.

There is one important point that you should know. In the Electron Cash site, there is an advice for users to only download the wallet there because there are already impostors making fake sites and scamming users into using their fake wallets.

If you want to avoid any kind of scam, you have to always use only verified and trustworthy wallets or you can have many problems that will definitely hurt your pocket. Be wary of scams.

The Electron Cash Verdict

Is this the wallet for you? If you intend to use Bitcoin Cash and especially if you already used Electron’s wallet for the original Bitcoin, this can definitely be a good investment for you. The wallet is secure and offers you a good way to store Bitcoin Cash.

The downside is that this is a very new wallet and that is only capable of storing one type of currency, so it might not be a good choice for you if you plan to use other cryptocurrencies too and you need to centralize your investments.

In the end, the biggest factor that can help you choose between using the Electron Cash wallet or not is needing to store other types of cryptocurrencies or not. If you do not need to do this, this can definitely be a very good choice for you.


Electrum Becomes The Subject Of Ongoing Bitcoin Hack Attack, Results In Nearly 250 BTC Stolen (So Far)

Electrum Becomes The Subject Of Ongoing Attack, Resulting In Nearly 250 Bitcoin Stolen (So Far)

One of the most publicized problems in the cryptocurrency industry is the way that hacking keeps stealing money from it. Whether there is an online scam to passively steal customer funds, or an outright attack, the industry has been plagued with multiple issues in this category. Though the year is almost over, hackers aren’t taking a break as the Electrum crypto wallets became the latest subject.

In an ongoing hack, the Electrum platform has already seen nearly 250 Bitcoin stolen from its wallets, which amounts to almost $1 million. The hacking has already been confirmed directly by Electrum already, saying that the hackers have developed a false version of the wallet, making users believe that they are inputting their password information into the real website.

One Reddit user explained exactly what was happening:

“The hacker setup a whole bunch of malicious servers. If someone’s Electrum wallet connected to one of those services, 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.”

Many of the users that have already noticed the breach have been failing to lot into their wallets, despite following the two-factor authentication process. However, this process is not a part of the requirements for logging into Electrum, which is another sign of the scam. From that point, the hackers are capable of pulling all of the funds from the wallet.

Another victim posted to Reddit, saying,

“[W]hen 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[.]”

So far, the withdrawals from the wallets are all going into one central address to hold the funds, and they have already collected 243 BTC. When Electrum posted about this hack on Twitter, they urged users to always check their resource to make sure they are at the Electrum website, noting the “ongoing phishing attack against their users.”

The tweet added,

“Our official website is https://electrum.org[.] Do not download Electrum from any other source.”

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