1400 Bitcoins stolen in the blink of an eye in a wallet hack

1400 Bitcoins worth more than $16 million were stolen in the blink of an eye in a hack of the Bitcoin wallet Electrum according to a GitHub user ‘1400BitcoinStolen’.

Share

1400 Bitcoins worth more than $16 million were stolen in the blink of an eye in a hack of the Bitcoin wallet Electrum according to a GitHub user ‘1400BitcoinStolen’.

But who is to blame for this attack? Neither Bitcoin wallet Electrum nor the user are really to blame. The victim states that they hadn’t used their Electrum software since last time in 2017 and there had been security updates released by Electrum that haven’t been installed yet by the user.

Before they transfer their Bitcoin, they were asked to update the software to resolve any security issues, however, when it was done, the software emptied their wallet by contacting the hacker’s server instead of the Bitcoins. This could have been stopped if they had updated their software when it had been released.

The lesson here is to keep your software up to date and check for updates regularly.

Categories

Crypto Currency(5)

News

Twitter CEO Justifies President Trump’s Twitter account Ban and expresses his interest Bitcoin as a free technology

The attack on the Capitol last week is reason enough to ban Donald Trump’s Twitter account said Jack Dorsey, the CEO of Twitter, while he also appreciated Bitco ...

JAN 14, 2021

Did you know that there are 3 types of Bitcoin addresses? Legacy, Nested SegWit and Native SegWit

Anyone who has been dealing with Bitcoin knows that to transfer any amount of BTC you need a Bitcoin address, and that there are 3 types of addresses; Legacy, N ...

JAN 13, 2021

Nexon rejects claims of its intentions on buying Bithumb

Rumor had it that last week, a South Korean video game company had made a generous offer to buy an exchange for approximately $460 million. ...

JAN 11, 2021

You may lose all your money if you are trading Crypto

A grim warning to crypto-traders was issued by Britain’s financial watchdog when Bitcoin surged again after a dip. ...

JAN 11, 2021

Tags

Trump