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Electrum is a popular software wallet that works by connecting to a dedicated server. These servers receive a hash of the Bitcoin address in the wallet and reply with transaction information. Electrum wallets are fast and have few resources, but by default, it connects to these servers and can easily monitor users. In addition to Electrum, some other software uses public Electrum servers. By 2019, it is a faster and better alternative to BIP37.

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It's not hard to run your own Electrum server and point your wallet to just use it. This restores Electrum to the point where it has the same privacy and security attributes as the full node, where no one else can see the address or transaction that the wallet is interested in. Electrum then becomes an all-node wallet.

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When Electrum wallets are synchronized with malicious servers, they are instructed to "update" clients provided by hackers, resulting in the loss of assets contained in older versions. Previously, in December 2018, Electrum.

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This update prompt is not an official act of Electrum, but a phishing attack by an attacker that exploits a message flaw on the Electrum client and the ElectrumX server, which requires the attacker to deploy the malicious ElectrumX server in advance, and the malicious server is localized by the user's Electrum client (because the Electrum client is a light wallet and the user needs the ElectrumX server to broadcast the transaction). At the time of the madness, malicious ElectrumX servers accounted for as many as 71% of the total, and according to incomplete statistics, hundreds of bitcoins have been stolen in this phishing attack over the past year or so.

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All relevant taxes awarded in the MXC Polar Bitcoin Contest are the responsibility of the entrant, all prizes are accepted "as is" and no prizes can be redeemed for cash. Any incorrect or incorrect Bitcoin wallet address submission is the sole responsibility of the entrant. MXC Polar will not refund any prizes lost due to technical issues or incorrect wallet address submissions.

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Users of Bitcoin wallet Electrum are currently facing phishing attacks, according to the Devi Security Lab. Hackers broadcast messages to electrum clients through a malicious server, prompting the user to update to v4.0.0, and if the user is prompted to install this backdoor-carrying client, the private key is stolen and all digital assets are stolen. As of 13:00, at least 1450 BTCs worth approximately $11.6 million had been stolen from phishing attacks that forged Electrum upgrade tips. Devi 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 Electrum3.3.8 via the official website (electrum.org), which has not yet been officially released v4.0.0, and do not use the link in the prompt message to avoid asset losses.