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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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In a Reddit post, a user named mrsxeplatypus warned users to watch out for an electrum malware version of the ad and described how the scam ad worked. According to reports, the malicious ad disguised as electrum ads, click on the ad, will start downloading EXE files. In fact, users go to the fake url elecktrum.org, not the electrum.org. Google is said to have taken steps to deal with the malicious ad.