electrum two-factor wallet send btcs

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Electrum is a world-renowned Bitcoin light wallet with a long history of multi-signature support and a very broad user base, many of which like to use Electrum as a cold wallet or multi-sign wallet for Bitcoin or even USDT (Omni). Based on this usage scenario, Electrum is used less frequently on the user's computer. The current version of Electrum is 3.3.8, and previous versions of 3.3.4 are known to have "message defects" that allow an attacker to send an "update prompt" through 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. According to user feedback, because of this attack, stolen bitcoins are in the four digits or more. This captured currency theft attack is not stealing the private key (electrum's private key is generally stored with two-factor encryption), but replaces the transfer destination address when the user initiates the transfer. Here we remind users that when transferring money, special attention needs to be paid to whether the destination address has been replaced, which is a very popular method of currency theft recently. It is also recommended that users use hardware wallets such as Ledger, and if you pair it with Electrum, although the private key does not have any security issues, you should also be alert to the replacement of the destination address.

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Hackers have launched a denial-of-service (DoS) attack on a well-known wallet Electrum server, according to Johnwick.io. Hackers used a botnet of more than 140,000 computers to attack Electrum's nodes and simultaneously deployed malicious nodes. When a user connects to these malicious nodes and sends a transaction using an older version of Electrum, the user is prompted to update the Backdoor Client. If the user installs the client as prompted, the private key is stolen and all digital assets are lost. Millions of dollars of digital currency have been stolen, according to Electrum officials.

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The core part here is the multi-signature account mentioned earlier, the one at the beginning of 3. Alice and Bob take out their own public key (N?2) and then create a 2-of-2 multi-signature address by setting that they need to provide 2 digital signatures to spend money in their account (M?2).

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If you haven't set up Electrum Wallet to be compatible with your phone wallet, you can use the private key to recover the Electrum wallet on your web wallet. Select Wallet - "Private Key" - "Export" on the Electrum wallet and you will export the file qtum-electrum-private-keys.csv or copy only one private key. Select Recover from WIF on your web wallet, paste the private key, and select Confirm. Check that the wallet address is correct. You may need to use Dump as a Key File to save the key file.

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The electrum and Electrum-LTC versions below 3.3.3 are vulnerable to phishing attacks in which a malicious server displays a message asking the user to download the fake Electrum. To prevent user exposure, versions older than 3.3 can no longer connect to public servers and must be upgraded. Do not download software updates from sources other than electrum.org and electrum-ltc.org.

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At the time of writing, at least 1,450 BTCs worth about $11.6 million had been stolen from phishing attacks that faked Electrum upgrade tips. DeViable Security Labs hereby suggests that versions of Electrum below 3.3.4 are vulnerable to such phishing attacks, and users using Electrum Wallet are requested to update to the latest version of Electrum 3.3.8 via the official website (electrum.org), which has not yet been officially released, and do not use the link in the prompt to avoid asset losses.