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Like Bitcoin's core wallet, Electrum Wallet allows users to control their own funds and private keys. Electrum wallets' private keys can also be exported and used on other supported wallets to access funds. Electrum apps are available for Windows, Linux, OSX and Android, but do not support iOS and browser clients.

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Users of Bitcoin wallet Electrum are currently facing a phishing attack, 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 follows the prompt to install the backdoor-carrying client, the private key is stolen and all digital assets are stolen. At the time of writing, at least 1,450 BTCs worth approximately $11.6 million had been stolen from phishing attacks that forged Electrum upgrade alerts. 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.

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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 is a huge step forward for Swift's banks to see distributed ledger technology applied to improve proxy banking. We pay special attention to how we can use our vast assets to bring something of value to society that others cannot provide.