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Currently, hardware wallets like Trezor and Ledger are considered the safest way to store bitcoins because they can be unlocked offline to protect keys from online theft. However, one limitation of hardware wallets is in terms of software engagement because they are not compatible with different software. Trezor, for example, supports only software wallet Electrum, not other wallets like Bitcoin Core.

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According to security firm Slow Fog, the current latest version of Bitcoin Light Wallet Electrum is 3.3.8, while previous versions of 3.3.4 are known to have "message defects" that allow attackers to send "update prompts" over a malicious ElectrumX server. This "update tip" is very confusing to the user, and if you follow the prompt to download the so-called new version of Electrum, you may be tricked. User feedback because of this attack, stolen bitcoins in more than four digits.

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In December 2018, Slow Fog first discovered and alerted an attacker to a messaging flaw using the Electrum Wallet client to force an "update prompt" to pop up when a user transfers money, inducing users to update and download malware to carry out a currency theft attack. Although electrum officials said in early 2019 that some security mechanisms were in place to prevent this "update phishing", many users of Electrum are still in the old version (less than 3.3.4) and the old version is still under threat. However, we do not rule out a similar threat to the new version.