Electrum Bitcoin Wallet Vs Electrum Pro: Which One is Stealing User Funds?
Bitcoin Wallet Electrum Says Electrum Pro is Bitcoin-Stealing Malware From Its Users
Another scam has been recently exposed on the crypto community. The creators of the Bitcoin wallet Electrum are accusing another company called Electrum Pro of scamming their own clients. Electrum Pro, which was launched in March 2018, already was a clear attempt of copying the original Electrum’s site to get its popularity, as its logo and name are almost the same.
What some users did not suspect until Electrum came public was that there was a scheme to steal money from the users of the fraudulent company. Electrum has published a step-by-step guide on how to decompile the Electrum Pro python-based code of the scammer’s wallet on GitHub with the title “Decompiling the Electrum Pro stealware”.
How Does Electrum Pro Steal Cryptocurrencies?
There is a function in the Electrum Pro wallet’s code, between the lines 223 and 248 in the electrumpro_keystore.py file that copies the users’ seed phrases and sends them to the scammers. With this information in hand, the owners of Electrum Pro can easily steal the money from the wallet user.
The Electrum team had already alerted users against Electrum Pro, but only had material proof that they were scammers after analysing the code and discovering the issue. The company has analysed the Windows version of the Wallet on the site but it believes that the Mac version also has the same problem. As it usually happens in stories like this, the Linux package remained unaffected by the problem.
We now have proof that "Electrum Pro" is bitcoin-stealing malware. The sha256sum of https://t.co/cCVFExIrNy is f497d2681dc00a7470fef7bcef8228964a2412889cd70b098cb8985aa1573e99. This hash can be confirmed independently using https://t.co/5RT3AeyjXp.
— Electrum (@ElectrumWallet) May 8, 2018
Internet users have also confirmed that the code from the Electrum Pro wallet was, indeed, as malicious as Electrum states.
Electrum Pro Is Actually A Pretty Popular Scam
It is important to say that Electrum Pro was not the first company to try and pass as the real Electrum wallet. The main difference this time is that Electrum Pro is the best copycat so far. It has the electrum.com domain, which is very similar to electrum.org, the domain from the original company.
Not only that, their site is actually very decent and if you only heard about Electrum once, you might not perceive that it is not the same company. The creators of the company actually paid for Google Ads to appear above the original site on the search engine. This was not a low-effort scam.
While the malicious code is exposed and anyone will be able to see it now, it should be noted that there were no cases of Electrum Pro users claiming that the company may have stolen their money so far.