electrum android client

Electrum android client safety

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. At the time of writing, at least 1,450 BTCs (stolen by one user, antimalware firm Malwarebytes and Electrum) had been stolen in phishing attacks that faked Electrum upgrade tips, with a total value of approximately $11.6 million. It is worth mentioning that electrums below version 3.3.4 are vulnerable to such phishing attacks, and users of Electrum wallets 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, and do not use the links in the prompts to avoid asset losses.

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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 much as 71% of the total, and the show did not fully count that hundreds of bitcoins had been stolen in this phishing attack over the past year or so.

how many confirmations for electrum?

Let's start with the reorganization attack. Recombination attacks, as the name implies, are double-flowered by replacing the original blocks from newly formed blockchains that will benefit the attacker. Reorganizing blockchain requires the support of arithmetic, and the more blocks you want to reorganize, the greater the power required, and the greater the cost and difficulty of the attack. With this in consideration, the developer calculates a "credible number of confirmations", meaning that after receiving so many confirmations, the block is difficult to reorganize and the transaction is difficult to reverse. For example, we often say that Bitcoin needs to wait for 6 confirmations. But the six confirmations are not foolproof, but the more confirmations there are, the safer the transaction will be. Exchanges usually have to wait for more confirmation.

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Bitcoin Wallet Electrum confirms a phishing attack against its users, reminding them not to download Electrum Wallet software from any channel other than the official website. Earlier media reports said Electrum users had maliciously stolen millions of dollars worth of cryptocurrencies. Hackers create Electrum wallet software with malicious code, induce users to download, and trick users into providing login information such as passwords to commit theft.