Electrum Malware Scam Scalps $32,000 in Bitcoin

The Electrum malware scam has struck again. Today, 2 Bitcoin (32,876) was sent to a known scam address. 

Malware refers to a collective of malicious software that includes ransomware and spyware. It is typically designed to cause extensive damage to infected computers or to gain access to private networks. Now, an address using a known Electrum wallet exploit has claimed another victim.

“A payment of 2.042 #BTC (32,876 USD) was just made to a confirmed Malware scam!” tweeted Whale Alert.

The 2.042 Bitcoin was sent to the confirmed malware scam address today at 11:06 UTC. According to Blockchain.com, the transaction cost a fee of approximately 0.001 Bitcoin, or $27. 

The address that received these funds—visible here—is noted as being used in the Electrum malware scam. 

The address has reportedly made over $1 million since its inception in May 2019. 

During a 2019 investigation from Malwarebytes Labs, it was discovered that the Electrum exploit allowed hackers to subvert users from legitimate nodes to bad nodes controlled directly by the hackers themselves. At that point, users are asked to install a “security update,” which downloads malware onto their systems. 

When it comes to upgrading, sometimes you’re damned if you do, other times you’re damned if you don’t.