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The Electrum team has announced the attack in an official tweet, saying that "this is an ongoing phishing attack on Electrum users" and reminding them to check the authenticity of the client's source before logging in. The team published its official website, and the Electrum clients downloaded elsewhere may be problematic.

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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.

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The latest version of Electrum 4.0, the Bitcoin wallet, was released On Wednesday, adding support for the Bitcoin Lightning Network, according to Decrypt. The service can be enabled through Electrum's application or through the command-line interface. In an application, the user must search the Information section to open it. The new version of Electrum also supports "Submarine Swaps", allowing people to return bitcoins on the chain in exchange for a lightning network version for a fee.