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Electrum Malware: $32,000 Worth of Bitcoin Directed to a Scam Address

Alert tracking service Whale has once more spotted an Electrum-based malware fraud, by highlighting a payment done to an address being used by Electrum malware. As specified by a tweet, the transaction was concerned with 2.042 Bitcoin which is valued around $32,876 at that point. 

As observed on Blockchain.com, the 2.042 BTC was directed to the malware scam address that has been active since May 2019. The payment occurred on November 14 at 11:06 UTC involved a fee estimated at 0.001 BTC or $27.

The address stated under is allegedly the one used in the Electrum malware fraud: bc1qjg4ax2h7gff0wszjq0jzmv2gwzgtfluzrelf59.

According to reports, since its creation in May 2019, this address has made more than $1 million.

Malware affects computers and may damage its working extensively. Typically, the usual kind of malware seeks to modify any payment address that the people copy and paste, hopoing to profit from the scam. Several other kinds of malware include ransomware, spyware, and hidden miners.

More than $22 million stolen from Electrum Bitcoin users 

In an investigation last month, it was discovered that there has been a theft of more than $22 million from users of Electrum Bitcoin wallets through a false app update fraud, by the cybercrime gangs. Subsequently, the offenders moved the looted funds to many Bitcoin accounts that currently hold 1,980 bitcoin. 

In August, a user of Electrum posted about losing over 1,400 Bitcoin on Github by falling prey to the fake update fraud. Subsequently, most funds were looted in just one attempt in August. 

It was found that these cybercrime gangs were using a specific method frequently from the beginning of December 2018 till their last recognized theft that happened in September 2020.  

Disclaimer: CoinCrunch.in content is informational in nature and is not meant to be investment advice. Buying, trading or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their due diligence before making any decisions. © 2020 CoinCrunch
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