Vulnerability software client, fake software updates
Days in Operation:
An investigation by ZDNet revealed that hackers stole $22 million from users of Bitcoin wallet Electrum by enticing users to install fake software updates by setting up their own ElectrumX gateway server. Since 2018, cybercrime gangs have been abusing this loophole to spin up malicious servers and wait for users to randomly connect to their systems. When this happens, the attackers instruct the server to show a popup on the user's screen, instructing the user to access an URL and download and install an Electrum wallet app update. Usually, this update download link is not for the official Electrum website, located at electrum.org, but to lookalike domains or GitHub repositories. If users don't pay attention to the URL, they eventually end up installing a malicious version of the Electrum wallet, which the next time the user tries to use will ask for a one-time passcode (OTP).
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