Don’t Fall Prey To Bitcoin/Crypto Scams!

This guy wasn’t exactly new to the space and should have known better but this highlights why it is so important to remain aware of all the latest – and in this case, oldestĀ  – Bitcoin/crypto scams

Bitcoin Holder Loses $16 Million in BTC to Well-Known Scam

“‘I had 1,400 BTC in a wallet that I had not accessed since 2017,” explained the Bitcoin holder. ‘I foolishly installed the old version of the electrum wallet. My coins propagated. I attempted to transfer about 1 BTC however was unable to proceed. A pop-up displayed stating I was required to update my security prior to being able to transfer funds,’ he added.

According to the luckless holder, the update immediately triggered a mass transfer of funds to an unknown address assumed to be the scammers.

But while the sheer breadth of the loss has garnered headline news, this exploit isn’t anything new. Speaking to Decrypt, Electrum developer Thomas Voegtlin confirmed that the phishing attack used is one that’s been floating around since late 2018.”

Master Asked on August 31, 2020 in Cryptocurrency.
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