Home Android Apps Electrum Pro Scam Revealed: Copycat shut down its Bitcoin Wallet copied services

Electrum Pro Scam Revealed: Copycat shut down its Bitcoin Wallet copied services

May 21, 2018

If you are an Electrum Bitcoin Wallet user, do not fall victim to the new purported upgrade of Electrum Pro. It is a Scam! Electrum a popular Bitcoin wallet uses electrum.org as its website address. This Scam alert follows after a suspected scammer bought a similar brand .com domain.

From this domain (.com), they are showcasing similar services to those of Electrum. Thus the fashioned Electrum Pro has to be the most recent scam in the digital currency environment. The official Bitcoin Wallet provider ‘Electrum’ took on to their Twitter account to clarify the ordeal, stating that the said electrum.com oughts to be a BTC malware.

The scammers are smart in their move, exhibiting a team of Four members like those at Electrum. However, their names do not close any one’s mind in the cryptocurrency communities. Moreover, their community links are broken, apart from one twitter account stating the release of ElectrumPro V4.02.

Further, the scammers GitHub links are broken unlike the links used by Electrum to distribute their wallet services. As a fact, there’s nothing like ‘Electrum Pro’ and the web address is not safe for browsing.

All Electrum users should shut down these desktop and mobile wallets right this second and upgrade to the latest versions of electrum. The current version available for the upgrade being 3.0.5, but still, need to verify the PGP signatures. As well as set their preferred passwords in strength.

Since Electrum started its operations back in 2012, the owner has had the idea of buying all associated, but the owner of the .com domain sold it expensively. These clarifications came after a Reddit user questioned from Electrum’s community. The chances are that the scammer could have bought the expensive domain or else partnered with the scammer.

You have to choose the best bitcoin wallet that cannot be corrupted through Javascript. Some of the wallets are highly vulnerable and need some security to secure sent, received or stored Bitcoins. For advice, if you are an Electrum Bitcoin wallet user, you should upgrade to Electrum V 3.0.5 or any version above that. For vulnerable users, if the scammer had compromised your wallet, there’s a great chance that your wallet is empty by now.

There have been few bugs with Electrum wallet allowing access from random websites to steal from users via Javascript. The bug does not affect Bitcoin alone but other derivatives from Spectrum as well. However, if you are not an Electrum wallet user, you do not have to worry about this scam as none of the derivatives affect your account.

As a precautionary motive, Electrum has updated their software version to 3.0.4 and 3.0.5. This upgrade should shield users from further vulnerability and protect users from exploitation by scammers and their BTCs being siphoned from their accounts. Another great option would be to use passphrase in protecting their wallets. However, it is not sure-proof as it could be exploited by scammers too.