Electrum ethereum11/28/2023 If someone hacks your phone or finds the recovery phrase, they can take all your coins on the wallet. Do not screenshot the recovery words either. Never write down these words on an internet connected device like your phone or laptop (or any electronic device). You can also connect an existing hardware wallet, such a Ledger or Trezor, and use Electrum as your wallet managing software - option 4. If you are restoring an old wallet (because you lost it or it was stolen or destroyed), then you can do so via either a recovery phrase (12 to 24 words usually) - option 2 - or from a master private key - option 3. If you really want to create a new wallet, then you will choose ‘Create new seed’ - option 1. In most cases you will choose standard here (unless you know what the other options mean and specifically want that kind of wallet). Since Electrum allows you to have several different wallets within the desktop app, you need to give each wallet a name. If you are using Windows, Windows may try to block the download, so just hit ‘Details’ then ‘Run Anyway’.Īfter downloading the executable, open the. Select the version of Electrum made for your operating system: There are also fake Electrum sites as well. There are many third party websites that may be hosting a version of Electrum wallet that’s been designed to steal any Bitcoin that gets sent to it. ![]() Never follow hyperlinks on websites or emails. You should type this URL into your browser address bar manually so you know you are going to the real. Head to and select ‘Download’ in the top right menu bar. The first step is to download Electrum directly from the official website. People holding Bitcoin who want a feature rich wallet with lots of privacy settings will find Electrum useful. There are no animated guides or walkthroughs and the GUI has not changed much since the wallet was introduced nearly a decade ago. It’s meant for cryptocurrency traders and investors who already know how Bitcoin works. Who is Electrum Wallet Good For?Įlectrum isn’t designed for people just joining the blockchain space. With that in mind, it can be helpful to look at what type of cryptocurrency investor the Electrum wallet is designed for. You should always do research before downloading or installing any Bitcoin wallet. While the Electrum Pro attack has since been dismantled, the two aforementioned cases show how hackers are still poised to attack the cryptosphere, even amid a bear market.Large amounts of bitcoins should not be stored on your Electrum wallet! If you want the most secure Bitcoin wallet then you will need to use a cold or offline wallet like the Ledger Nano X or TREZOR. ![]() org domain name.įollowing analysis, it was also revealed that in Pro’s code, specifically lines 223-248 of electrumpro_keystore.py, a system was integrated that allowed attackers to upload users’ keys for nefarious purposes. Electrum Pro purportedly used Electrum’s brand and logo without permission, while also purchasing the rights for the domain, which was near-identical to the legitimate group’s. In a post-mortem of the attack (of sorts), which went on for upwards of two months, it was explained that there were a number of glaring red flags. The app, which closely resembled its bonafide counterpart, was exposed as a vector of attack that malicious individuals can exploit, stealing Bitcoin private keys in the process. Earlier this year, in early-May, the Bleeping Computer reported that the Electrum team had seen an unnamed individual/group create a copycat of their flagship product, naming it “Electrum Pro.” ![]() Interestingly, this isn’t the first time that the popular wallet solution has been attacked by bad actors. Other reports indicate that the attack garnered 250+ BTC for hackers, but these numbers haven’t been confirmed. Yet, the fact of the matter is that in the end, the hackers netted 200+ BTC, approximately valued at ~$740,000 at the time of writing. When downloaded, the app would request for users to input a 2FA code, which was routed to the attacker, subsequently allowing BTC to be snatched.Įlectrum admins have purportedly since disallowed the message from being mostly legible, so this medium of attack is likely breathing its last breaths. Well, as explained by ZDNet, the hacker purportedly added dozens of “malicious servers” to the Electrum network, so when a user intends to make a transaction, the hacker-backed server replies with an error message that asks users to visit the false GitHub. This specific attack purportedly began on December 21st but was recently ended (maybe only temporarily) by GitHub admins, who purged the malicious download files.
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