He has a lot of money but he is not careful in managing them. There are hundreds of software on the internet to manage bitcoins, many fake and illegal software. If he invests himself in a hardware wallet or sends them to an online wallet like Coinbase, blokchain.com, Xapo ... then he probably doesn't lose money.
1400bitcoin is a lot for the average person. Condolences to this man.
Topic: Electrum update: A trader lost 1400 BTC (Read 1053 times)
It still surprises me how someone can own 1,400 BTC but still fail to secure the Bitcoin stash using a couple of Hardware wallets that don't cost more than 100 quid each 
That was very dumb of him and I guess he had to pay $16 Million tuition fees to just learn that lesson.
maybe he had too much money so he didn't take the time to buy a Hardware wallet which would certainly be safer. 1,400 BTC is a lot of money, but only stored in your Electrum wallet without double security. Somehow he managed to get 1,400 BTC, whether he was a holder from the past or a rich man who kept BTC carelessly.That was very dumb of him and I guess he had to pay $16 Million tuition fees to just learn that lesson.
The Electrum update that is carried out is of course a fake update containing malware which will then take 1,400 BTC in a very easy way.
How can someone with 1400 BTC not spend just 0.005 BTC to store it securely in a hardware wallet? Baffles the mind.
I think they have issues with the phishing electrum because today one of the best features of the electrum is the Synchronization of the wallet, recently I have trouble with my wallet because my hard drive got curorruted and one of the best ways to do is re-format and I thought all of my bitcoin store on this wallet will be gone, so I try with the use of the electrum application the transaction becomes smooth because I just used the seed I used before on my computer and right now even I always update my wallet, its already sync without any problem.
It's better to download the electrum wallet to their website to make sure it's safe.
It's better to download the electrum wallet to their website to make sure it's safe.
Code:
https://electrum.org/#home
The hacked amount of BTC wasn't responsible for the electrum, it is the user's mistake because he downloaded the older version of the electrum, he was holding a huge amount of money so he should be careful about doing such things. He should check the first official website of the electrum if they posted things about it. Do not do something without doing some research about it.
He downloaded a pishing software and it is not any responsibility for the electrum.
I wonder how a person who is holding 1400BTC did not secure properly his money, that is a huge amount of money so always be careful when doing such things that may put your money at risk.
He downloaded a pishing software and it is not any responsibility for the electrum.
I wonder how a person who is holding 1400BTC did not secure properly his money, that is a huge amount of money so always be careful when doing such things that may put your money at risk.
The unfortunate trader is probably a less tech savvy dude. And fell prey to scammers. This kind of stories scare mainstream investors or traders away from crypto
I'll say more: the windows version of Electrum should be removed. If you cannot bother to learn using a proper os like Linux, you shouldn't be messing with Electrum, let alone moving those quantities of money...
I agree with the rest of your post, except this one line. Most people won't use anything other than Windows or maybe macOS. Given that Windows is spyware, I would suggest no one should be using it at all, but we both know that's never going to happen. If you take the option of a desktop wallet away from these users, they aren't going to go to the effort of installing Linux - instead they will just use a web wallet, which is even worse.I doubt they'll remove it, and there always will be someone doing unofficial compiles of it making it even worse. So its not like i actually expect the Electrum people to do it, but yes i wish they did put some giant red letters warning people to stop moving money with windows.
Of course you are not going to agree, or the world would already be different. People want to be robbed of their money by using the OS they like playing games with instead of learning something else. And while the user and the os have most of the fault, its always Electrum getting the short end of the stick. They mention Electrum in the headline (or thread topic), but they don't mention the foolish user doing foolish things windows users usually do. Its Electrum, and sometimes Bitcoin, the source of all evil, because with the banks this would never have happened...
See, the naive politically correct logic doesn't really apply here. Stay away from windows if you value your money, and learn using cold wallets already.
Each huge misfortune will be brought about by a major group or it'll be executed by the group itself. What' has occurred with Binance dealer too appears to ever be an arranged trick. 1200 BTC is a major volume, and Binance won't ruin its notoriety with this volume of assets. The issue is that the person didn't try to check the most recent Electrum adaptation. I here and there keep thinking about whether stories like this are not made up to dishonor the Crypto money network.
I just updated my Electrum to the latest version, nothing of significant happen. In any case, here is an update: Bitcoin wallet update trick has netted criminals more than $22 million.
Do you really expect for something to happen? Of course nothing will happened if we do make update on official website and now they do have that notification that you would Quote
However, it must be said that a large chunk of these funds appear to have been stolen in one single incident in August, when a user reported losing 1,400 bitcoin (~$15.8 million) after updating an Electrum wallet.
need to make an update.It is on the bottom right when i do make out a transaction then it do requires me to update.This time it is indeed came from Electrum team itself
and i do make out verification first before proceeding.Lots really been fooled out because they do lack on verifying anything first before making some update.
They cant really just make visit and if they would able to do so but its already too late.
this is why we need to update on thier site or the appstore and google play store only if they have an app and not outside of the external links because that can be a hack and your device is suspected to be infected by a malware .
this happens on the past on other wallet but staffs here already pinned an announcement to warn others . they can also target wallets with big funds because some wallets that have small or funds or no funds at all are not said to be included on the hack .
A ton of choices is accessible for him to store his bitcoins however he didn't. Demoralizing to hear this news, tragically there's nothing that we can do as it is an inevitable end product. I will at present hold the dominant part my capital, so please to every one of you get familiar with the exercise, you are your own bank, on the off chance that you commit an error nobody will spare you, you have to deal with your coins.
I just updated my Electrum to the latest version, nothing of significant happen. In any case, here is an update: Bitcoin wallet update trick has netted criminals more than $22 million.
Do you really expect for something to happen? Of course nothing will happened if we do make update on official website and now they do have that notification that you would Quote
However, it must be said that a large chunk of these funds appear to have been stolen in one single incident in August, when a user reported losing 1,400 bitcoin (~$15.8 million) after updating an Electrum wallet.
need to make an update.It is on the bottom right when i do make out a transaction then it do requires me to update.This time it is indeed came from Electrum team itself
and i do make out verification first before proceeding.Lots really been fooled out because they do lack on verifying anything first before making some update.
They cant really just make visit and if they would able to do so but its already too late.
I just updated my Electrum to the latest version, nothing of significant happen. In any case, here is an update: Bitcoin wallet update trick has netted criminals more than $22 million.
Quote
However, it must be said that a large chunk of these funds appear to have been stolen in one single incident in August, when a user reported losing 1,400 bitcoin (~$15.8 million) after updating an Electrum wallet.
actually even if you check your addy once a week (or more) by the time you see the problem its done and gone.
Exactly. Retroactively checking if your coins are still safe is pointless.You should know your coins are secure because you created your wallet(s) securely. I have encrypted paper wallets which I have not checked the balance of since I created them, which for some has been several years. Partly because I do not have the address written down or stored anywhere else for deniability reasons, but mostly because I know I set them up in a secure fashion and I know they are stored securely. Do you visit your bank every week to take a look inside your safe deposit box "just to check"? Of course not.
Further, if you are checking your address(es) repeatedly on a block explorer, then you are compromising your own privacy.
edit: when a new version of a wallet comes out i usually wait a bit (couple weeks minimum) to see if anyone runs into problems. in my case the core wallet and trezor hardware wallet. i let others test updates.
the only caveat to this in cases of critical vulnerabilities being discovered. If that's the case you should either update immediately, or if you really want to wait a few weeks, then do not use the app/software at all until you have updated. You should also turn off auto-updates for this reason, especially when it comes to software which is holding your bitcoin. A couple of lines of malicious code pushed to your device in an auto update and your coins can be gone. Unfortunately, there is a serious problem with the older version of Electrum wallet. I have heard many people carelessly installed the older version. It has big security vulnerabilities. When you once use it, you are most likely at risk. 1400 BTC is too much. I hope he can restore them.
^ How they lead to that old version if they will go to the official website of the electrum? I don't know if the stole bitcoin will be recovered because as a common scenario, it will be lost forever and it will not recover anymore. If you have a large amount of bitcoin probably it is good if you will directly store on the cold wallet for the safety of your bitcoin. A free installed wallet is good for bitcoin below $200 that you can afford. But a moment like this, it should on the hardware wallet. 
[...] this kind hack has been known for a long time, the transactions happened, and some exchanges have blacklisted the address, I know it does not make sense but that is reality for you, I do not have an amount of bitcoin that is anywhere close to that amount and I still check my coins at least once a week to see that everything is fine and I try to keep my wallets updated so something like this does not happen to me.
This just shows the irresponsibility of some investors when it comes to their money and how they do not seem to understand that in this market if you lose your money there is not a bank behind you helping you to get that money back, you are your own bank and that includes securing your coins properly from hacker attacks.
This just shows the irresponsibility of some investors when it comes to their money and how they do not seem to understand that in this market if you lose your money there is not a bank behind you helping you to get that money back, you are your own bank and that includes securing your coins properly from hacker attacks.
actually even if you check your addy once a week (or more) by the time you see the problem its done and gone. but i agree with the rest.
the main thing is secure the wallet private key and/or seed when the wallet is created. and when you are prompted to update the wallet (from within the wallet itself or email/news/etc) you need to spend the time to check the official site for the new version to see what updates there are and the reasons for those updates. then at the very least verify the checksum/hash before installing.
five minutes in a search engine would of prevented this.
edit: when a new version of a wallet comes out i usually wait a bit (couple weeks minimum) to see if anyone runs into problems. in my case the core wallet and trezor hardware wallet. i let others test updates.
Unfortunately, there is a serious problem with the older version of Electrum wallet. I have heard many people carelessly installed the older version. It has big security vulnerabilities. When you once use it, you are most likely at risk. 1400 BTC is too much. I hope he can restore them.
This looks like bullshit to me, if someone has over 100 bitcoins they will be checking every day for news let alone 1400 bitcoins they would be doing it twice or 3 times per day.
No it is not, this kind hack has been known for a long time, the transactions happened, and some exchanges have blacklisted the address, I know it does not make sense but that is reality for you, I do not have an amount of bitcoin that is anywhere close to that amount and I still check my coins at least once a week to see that everything is fine and I try to keep my wallets updated so something like this does not happen to me.This just shows the irresponsibility of some investors when it comes to their money and how they do not seem to understand that in this market if you lose your money there is not a bank behind you helping you to get that money back, you are your own bank and that includes securing your coins properly from hacker attacks.
it's their platform, not ours, so it's their responsibility.
And while the coin is on their platform, it's their coin, not yours, so they can do whatever they like with it. I'll say more: the windows version of Electrum should be removed. If you cannot bother to learn using a proper os like Linux, you shouldn't be messing with Electrum, let alone moving those quantities of money...
I agree with the rest of your post, except this one line. Most people won't use anything other than Windows or maybe macOS. Given that Windows is spyware, I would suggest no one should be using it at all, but we both know that's never going to happen. If you take the option of a desktop wallet away from these users, they aren't going to go to the effort of installing Linux - instead they will just use a web wallet, which is even worse. I think that has to be improve on the exchange side, there's no sense of them getting regulated if the government can't enforce them to safeguard our assets, since they are a centralized exchange, they should act like a bank where their depositors accounts are insured up to a maximum amount.
We already have institutions which will hold all your money for you, demand your complete trust, report everything you do to the government. They are called banks. If you want this level of nanny state, then you should go back to fiat. This is exactly the type of nonsense that bitcoin was created to combat. You should not be encouraging it.it's their platform, not ours, so it's their responsibility.
And while the coin is on their platform, it's their coin, not yours, so they can do whatever they like with it.
This is so, very, unlucky. Electrum does not have anything to do with this though.
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