Electron Gold Wallet Steals Users Private Keys Storing Bitcoin Gold BTG?

At its launch, the Bitcoin Gold drew much excitement from prospective investors. However, its performance has been dismal; far below expectations. Currently, the BTG can only be accessed through a limited number of wallets, reiterating the coin’s spectacular failure. In addition to being scarce, the available BTG wallets have a question mark over their security features. ElectronGold particularly uses malicious software that steals private keys from unsuspecting users seeking to mine BTG.

Electrum is at the centre of this drama, as they took the blame for the said above mess. Nonetheless, this is just a tip of the iceberg, with a lot more to the story. A glance at the software’s source code points at the activity of a malicious intruder. Clients have gone on record and accused the system of stealing their private keys. Though the total number of affected customers is indistinct, the future of BTG is undoubtedly bleak.

Electrum appeared culpable of the theft, but they were instead blameless. An unknown third-party downloaded their source code from GitHub, modified it, and then christened it ElectronGold. Within the modified code, there exists a VBA6 app that stealthily and inadvertently solicits private keys from users. Such a development is inexcusable and indefensible, and therefore measures should be taken to ensure such loopholes do not exist in the system.

Besides Electrum, another scapegoat is Fyookbal, a developer. His name was unlawfully used in ElectronGold’s creation, though he is not allied to the enterprise. This adds to the woes of Bitcoin Gold, as would-be investors shy off. Long before the above mentioned crises, BTG was the proverbial candle in the wind. The theft of private keys may serve as the final blow, resulting in the candle flickering out.

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