Phishing Attack on Electrum Wallet Nets Hacker Almost $1 Million in Hours, Report

A reportedly ongoing hack against cryptocurrency wallet Electrum has seen a malicious party steal almost 250 Bitcoin (BTC) (about $937,000), commentators reported on social media Dec. 27.

Subsequently confirmed by Electrum itself, the attack consists of creating a fake version of the wallet that fools users into providing password information.

“The hacker setup a whole bunch of malicious servers,” Reddit user u/normal_rc explained:

“If someone’s Electrum Wallet connected to one of those servers, 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.”

Affected users report trying and failing to log in to their wallets after providing their two-factor authentication code — something Electrum does not in fact request during login. The hackers then empty the wallet balance.

“[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,” one victim continued in another Reddit post, adding:

“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[.]”

According to u/normal_rc, several addresses are feeding into one main holding address, which currently contains 243 BTC.

Electrum posted about the incident on Twitter today, stating “[t]here is an ongoing phishing attack against Electrum users” and implored users to check the validity of the resource they were logging into.

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

Wallet hacks are less frequent than those afflicting online exchanges, several of which — most notoriously Japan’s Coincheck — have lost users hundreds of millions of dollars in 2018.

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EOS DApps Lose Almost $1 Million to Hackers Over the Last Five Months

Decentralized apps (DApps) based on the EOS blockchain have lost up to $1 million to hacks since July, Chinese crypto media Blockchain Truth reports Tuesday, Dec. 4.

The report cites data by PeckShield, a blockchain security company that monitors different ecosystems. According to the report, the DApps on EOS have seen 27 breaches from July to late November, losing up to 400,000 EOS, or 8 million yuan. As of press time, the amount hacked was worth $800,000 according to the EOS price chart on CoinMarketCap.

Nonetheless, Guo Yonggang, an expert cited by Blockchain Truth, believes that most of the attacks on EOS DApps correlate with their vulnerabilities rather than with a bug in EOS itself. Yonggang also tends to think that similar attacks will become more frequent, as hackers are intensively seeking exposures in applications.

Moreover, the report states that the EOS blockchain has a significant amount of dormant accounts — around 200,000 of 500,000 in total. In addition, nearly 120,000 accounts are reportedly managed by groups, which means that 37 percent of the EOS blockchain is real active users.

As of press time, EOS’s price hovered around $2. Its total market capitalization is up to around $1.8 billion, which makes EOS the seventh largest cryptocurrency by market cap.

Last week, United States -based cryptocurrency exchange Coinbase announced it was exploring the option to list over 30 more cryptocurrencies, including major players such as Ripple (XRP), EOS and Cardano (ADA). However, the exchange noticed it would likely be a long-term process, and some assets might not be available in several countries.

As Cointelegraph reported in early December, the month has started with yet another debate around the EOS ecosystem, as Starteos — one of the official sanctioned nodes which can approve EOS transactions — appeared to publically offer its token holders financial rewards in return for their votes.

EOS had previously come under criticism for a lack of decentralization after some confirmed transactions allegedly from a phishe account were reversed this fall.

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Almost All Top 100 Cryptocurrencies Solidly in Green, Dogecoin Skyrockets Over 40%

Saturday, September 1: crypto markets are multiplying recent gains today, with 97 out of the top 100 cryptocurrencies by market cap solidly in the green, as data from Coin360 shows.

Market visualization from Coin360

Bitcoin (BTC) continues to climb steadily over the $7,000 mark, seeing 2.52 percent gains over the past 24 hours, according to CoinMarketCap. Bitcoin is trading at about $7,216 at press time, up 7.2 percent over the past week. 

The largest cryptocurrency by market cap broke the $7,000 point for the second time this week amidst news from the U.S. Commodity Futures Trading Commission (CFTC) reporting a decline in bearish positions for non-commercial Bitcoin futures contracts.

Btc

Bitcoin 7-day price chart. Source: CoinMarketCap

Ethereum (ETH) is grazing the $300 price point, trading just under it at $299.66, up almost 6 percent over the 24 hour period. The largest altcoin has, like Bitcoin, also seen about 7 percent growth on the week, though it is still facing 28.7 percent losses on the month. 

Eth

Ethereum 7-day price chart. Source: CoinMarketCap

Total market capitalization of all cryptocurrencies has reached $238.4 billion point for the first time since August 8 and is continuing to grow, seeing a slight spike during the hours to press time.

Global

Total market capitalization 1-month chart. Source: CoinMarketCap

Of the top 25 cryptocurrencies, Dogecoin (DOGE) has seen the most notable growth, up a whopping 41 percent over the past 24 hours, according to CoinMarketCap. Altcoin Dogecoin has seen a significant upswing since August 30, up a stunning 135 percent in the past three days.

DOGE is currently ranked in 21st place on CoinMarketCap, trading at $0.0061 and with a market capitalization of $708 million.

To explain DOGE’s massive growth this week, commentators on Twitter point to an impending infrastructure development for the project dubbed Dogethereum, the demo for which is set to take place Sept. 5. The protocol refers to a smart contract that will act as a so-called bridge letting people move Dogecoins to and from the Ethereum blockchain.

In the top ten coins, Bitcoin Cash (BCH) and Litecoin (LTC) have seen the most growth, up 14.7 and 8 percent respectively.

The wave of green across crypto markets has increased as the reports surfaced that the Chicago Board Options Exchange (CBOE) is planning to launch Ethereum futures by the end of 2018.

Also this week, the central bank of India, the Reserve Bank of India (RBI), confirmed its plans to set up an inter-departmental group to evaluate the feasibility of issuing a rupee-backed central bank digital currency.

Earlier this week on August 29, Cointelegraph reported announced that Yahoo Finance was displaying buy and sell options for several major cryptocurrencies on its website. The company then confirmed to Cointelegraph that the new service will be only available on its iOS app and will let users trade cryptos including Bitcoin, Ethereum, Litecoin and Dogecoin on their preferred exchanges via an integrated third party service.

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