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This isn't the first time Thatectrum has appeared in a fake version, with hackers developing a fake encrypted wallet, Electrum, in December, resulting in the theft of nearly 250 bitcoins worth about $1 million. In January, GitHub discovered a fake Electrum wallet called "Electrvm" designed to steal users' money. In February, users of encrypted wallets Electrum and MyEtherWallet reported that they were facing phishing attacks.

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One problem with Bitpay's new infrastructure is that the vast majority of Bitcoin-based wallets do not use the BIP70 payment protocol. Bitpay also detailed that it would soon need to pay for a payment agreement, leaving users with only five wallets to choose from when using Bitpay's service. Wallet customers who support BIP70 are Bitpay Wallet, Copay, Mycelium, Electrum, and Bitcoin Core Wallet.