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.
Cryptocurrency wallet provider Blockchain.com has launched full support for altcoin Stellar (XLM), accompanied by a hefty airdrop of $125 million worth of XLM to its user base. The news was announced in an official blog post today, Nov. 6.
Blockchain.com pitched the mammoth offering as “the largest airdrop in the history of crypto and likely the largest consumer giveaway ever,” suggesting that airdrops are “a great way to drive decentralization and adoption for new networks.”
The firm underscores that the benefit of crypto airdrops for consumers are that they are able to “test, trade, and transact” unfamiliar crypto assets without having to mine or invest first.
Blockchain.com gives the rationale for its choice to launch support for Stellar as being due to the token’s network being “built for scalability,” as well as for its provision of the ability to create custom tokens that represent “real-world or virtual goods and services.”
Prior to adding Stellar support, the Blockchain.com wallet already supported three other cryptocurrencies, Bitcoin (BTC), Bitcoin Cash (BCH), and Ethereum (ETH).
As of press time, Stellar (XLM) is ranked sixth largest cryptocurrency by market cap on CoinMarketCap’s listings, seeing a strong 5.35 percent growth on the day, trading at $0.258.
In late September, Cointelegraph reported that Blockchain.com had been ranked within the top ten most “sought-after” U.K. startup employers in new listings on LinkedIn. Among its attributes, LinkedIn noted Blockchain.com’s “benefits such as free food and flexible working,” unlimited holiday policy and a bonus scheme for employees paid in Bitcoin.
Airdrops have recently made headlines in less auspicious terms, with China’s stringently anti-crypto central bank, the People’s Bank of China (PBoC), announcing it would be widening its regulatory scrutiny to include token airdrops, which it characterized as “disguised” Initial Coin Offerings (ICOs) in its 2018 financial stability report.
Binance, one of the world’s two largest cryptocurrency exchanges, has just completed its first-ever acquisition.
According to TechCrunch, the Malta-based exchange operator acquired Trust Wallet, creator of the eponymous mobile Ethereum wallet that includes support for ether, as well as ERC-20 and ERC-223 tokens. Terms of the deal have not been disclosed, but Binance confirmed that it included a mixture of cash, Binance stock, and Binance tokens (BNB).
Trust Wallet is not one of the better known Ethereum wallets. It has about 50,000 downloads on Android through the Google Play store, earning a 4.6 out of 5 star rating from 1,138 reviewers. Download statistics were not immediately available from Apple’s App Store, but the wallet had a comparable rating from a similar number of reviewers. For comparison, imToken, the most popular Ethereum wallet, has more than 5 million monthly active users, most of whom are based in Asia.
“The Trust Wallet team shares the same values as us and the products are very complementary,” Binance CEO Changpeng “CZ” Zhao told the publication. “For users who like to withdraw funds into a wallet now we have a product they can use.”
Zhao said that Trust Wallet will continue to operate independently, with Binance providing some administrative and marketing support and otherwise serving as a “godfather” to the wallet service.
By offloading those functions to Binance HQ, Trust Wallet’s development team will have more time to focus on its core product offering, perhaps hastening its planned support for other cryptocurrencies including bitcoin, EOS, and NEO.
The Trust Wallet acquisition comes as Binance is actively working on building a decentralized exchange (DEX), complete with its own public blockchain. Such platforms, which have also been announced by several other major exchanges, will allow users to trade cryptocurrencies without entrusting their funds to a centralized custodian and placing them at risk of hacks and exit scams.
Zhao said that Trust Wallet will serve as one of the Binance DEX’s default wallets, though it’s not clear when the platform will go live.
Binance’s centralized exchange currently ranks as the world’s second-largest cryptocurrency trading platform, with a daily volume of $1.3 billion. Only OKEx, which, like Binance, has created its own crypto token, opened an office in blockchain-friendly Malta, and unveiled plans to create a DEX, has processed more trading volume over the past 24 hours.
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Decentralized cryptocurrency wallet SafeWallet is launching a new QR code-based user identification system to replace mnemonic phrases and private keys, the firm announced Friday.
The app, operated by China-based Cheetah Mobile, will use a two-tier security system to grant users access to their holdings, according to a press release. The first stage will have users scan their personalized and encrypted QR codes, while the second asks pre-set security questions.
“The QR code is highly encrypted, so it can’t be decrypted by scanning it with other software … [and] SafeWallet does not store your QR code on its servers,” a company representative told CoinDesk in an email.
The system is claimed by the firm to be more secure than traditional mnemonic phrases, while also being easier to use. In particular, the system hopes to ensure users are not writing their backup phrases down on paper, “which can be easily lost, stolen or damaged.”
SafeWallet believes that the new system can also protect against the risks that arise if users send their passphrases to themselves using email or instant-messaging platforms, which can contain malware or otherwise leak the messages to bad actors.
While acknowledging the possibility that someone could gain access to the QR code if stored on a device or in the cloud (which the firm recommends for convenient backup access), the representative said:
“A hacker can’t access your assets with your QR code alone. They would need to know the answers to your security questions (in addition to your regular SafeWallet password). Our security questions are more specific than your average security questions, so they would be extremely difficult to guess, even if someone is very close to the user. … You are in complete control of your assets at all times. “
Additionally, as a safeguard against theft, private keys “will never” appear as text in the wallet, they said, while SafeWallet will also scan users’ devices for apps containing malicious code and notify users if anything suspicious is found.
SafeWallet product head Kaiser Zhang said in a statement that the new tool means “there is no longer any need to memorize or transcribe long mnemonic phrases or private keys.”
“This complicated backup process has been one of the primary barriers for users of cryptocurrency wallets, and especially for those who are new to the industry. With this latest update, we are proud to say that we have finally solved this usability issue without sacrificing any of the security capabilities that SafeWallet is known for.”
Further, the company has granted third-party developers access to its security tools, allowing others to add similar security features to their own projects. As such, “SafeWallet’s innovative ID system will serve as a bridge connecting decentralized and centralized systems and resolving ease-of-use and security issues for blockchain products,” the company claimed.
Keys image via Shutterstock
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Bitcoin Press Release:Smart-tech company OraSaifu announces a revolutionary payment product; a hardware cryptocurrency wallet with a digital card screen display, packed with state-of-the-art security. It will enter the market in mid-July 2018.
July 20th, 2018, Tokyo, Japan – The number of active blockchain wallet users today exceeds 26 million. In 2018 to date, Bitcoin wallet holders grew to over 10 million. Furthermore, the daily trading volume of the top ten cryptocurrencies has risen to $3 Billion, and it’s about time a truly innovative cryptocurrency wallet enter the world.
All-in-One Digital Wallet with Cross Functional Payment Methods
OraSaifu has developed an all in one solution for those seeking a means to store their crypto without resorting to hardware, software or paper wallets. The OraSaifu wallet enhances all the present safety advantages of contemporary USB wallets like Ledger and Trezor, and also turns traditional bank payment cards into a mobile payment mode. For financial asset storage, transactions, and recovery, OraSaifu has created one card with two modes where all crypto digital currency exchange and bank card payment functions co-exist.
The Most Secure and CuttingEdge Wallet Hardware on the Market
What sets OraSaifu apart from any other wallet is its proprietary reliance on both a Trusted Execution Environment (TEE) and SE technology on one secure chip, ensuring 100% security over assets and Near Field Communication (NFC) payments. OraSaifu provides a cold-wallet mode by using NFC and Offline QR code reading technology, which means it can be completely isolated from online connections. It also has unlimited storage, beating the majority of the competition that offer limited storage and single currency use.
In terms of security, all cryptocurrencies on the device are stored offline and require 2 step authentication for transactions, the USB port required to charge the device doesn’t have data transfer capabilities, thereby keeping private keys isolated from even your computer and reducing the risk of theft to near zero. Presently, OraSaifu supports the following digital currencies: Bitcoin, Ethereum, Litecoin, Zcash, Dash and over 20 other cryptocurrencies. It supports sending payments, receiving, checking account details and managing multiple addresses.
Unprecedented Artistic Design and Features
In addition to its ground-breaking security and functionalities, OraSaifu’s offers the sleekest design of any product in its class. With a diameter of a bank card, feather-like weight 4-inch bezeless display with an 83.37% screen to body ratio, beating out even the latest iPhone. Alongside the nifty asset storage and transaction features described above, the OraSaifu wallet also supports membership cards, business cards, door passes, Gym membership cards and so on. Everything is NFC enabled and OraSaifu can copy, store the data in one ultra-secure place.
Ora wallet also embedded the function of business cards, club membership cards management and door pass for user’s further exploration. Costo, Dicson, Walmart, Gym membership card, a work badge, a smart lock, anything NFC enabled, OraSaifu can copy it and store it, so users don’t have to go through millions of cards just to make through a door.
The OraSaifu hardware wallet is bound to exceed the expectation of most digital currency enthusiasts. It offers an artistic palm-sized interface, unlimited digital payment accessibility, and the highest of security features. Ultimately, the OraSaifu wallet will become a leader in the market for a reason: it is a product users trust with protecting their crypto and ushers in a new seamlessly efficient professional lifestyle.
Ora Inc.was founded in 2013, with an ambitious concept to change the world of payments. Our R&D team members are former employees from Microsoft, IBM, Oracle, Nokia and Huawei, all with extensive experience in blockchain, big data, internet security, and mobile hardware fields. The UI design team is from Japan. OraSaifu has gained millions of USD first round angel investment, and is planning for its next round of fundraising from top global investors and institutions. Ora is actively building a connection with industry-leading blockchain technology parties and is looking forward to speaking with more potential business partners. Please contact us for more information.
Early Bird Sale
The OraSaifu smart wallet global launch will start on Indiegogo on July 19th, 2018, if interested in purchasing the OraSaifu wallet, the company has opened registrations for early bird sales here.
Visit the Website: https://orasaifu.io/ OraSaifu Early Bird Registrations: https://www.indiegogo.com/projects/orasaifu-first-all-in-one-smart-wallet-design/x/19011277#/ Follow on Facebook: https://www.facebook.com/OraSaifu/
Media Contact Details Contact Name: Yan Contact Email:[email protected] Location: Japan
OraSaifu is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. Cryptocurrencies and tokens are extremely volatile. There is no guarantee of a stable value, or of any value at all.