Regulation has started to sweep the crypto market, starting with Bitcoin derivatives trading platform BitMEX being targeted by the CFTC and the DoJ. These US government agencies seek to put a stop to market manipulation, exchange hacks, and much more.
However, there’s an ongoing Bitcoin wallet hack that regulators can’t do a darn thing about that has since stolen a total of $22 million in BTC and the number climbs with each passing day and unsuspecting user. Here’s what the hack entails, how to avoid it, and why it’s been so successful at stealing cryptocurrency for so long.
Electrum Wallet Backdoor Infects Crypto Users At Prompt To Update
Months ago, a GitHub user in a panic posted a message warning users of a horrible mistake that resulted in 1400 BTC valued at $16 million at the time.
They had updated their Electrum wallet software to access their Bitcoin wallet, to later find it drained of all 1400 BTC.