Bitcoin-stealing malware serves as a sobering lesson to cryptocurrency users to remain careful

  • Due to spyware on their computer, a Bitcoin user was duped into sending 0.255 Bitcoin to the wrong address.
  • Due to spyware on their computer, an unlucky Bitcoin (BTC) user was fooled out of 0.255 BTC, or roughly $10,000.

C’s “Bitcoin was sent from Kraken to VALR, a South African exchange,” according to Nel, but “malware running on his computer intercepted the duplicated data and substituted a new wallet address when he pasted this without understanding when he pasted this.”

The wallet address does not belong to them, according to the VALR exchange, and “there are nine transactions into that wallet, meaning others have been tricked as well,” according to Nel.

The money in the wallet address in question have not changed and currently have a value of 0.27 BTC. Nel posted a picture of the wallet address along with the following addresses:

Malware attacks are nothing new in the crypto realm, or even in Bitcoin transactions. According to Chainalysis, a single malware bot might have stolen as much as $500,000 in 2021.

Furthermore, even seasoned cryptocurrency aficionados are vulnerable to malware attacks: In 2018, C became interested in Bitcoin and cryptocurrency for the first time. The ransomware attack was bad luck for C, but it serves as a stark warning to bitcoin consumers.

Bitcoin transactions are irreversible, or “immutable,” which means that once money has left a wallet, no one can change or falsify data or send it back. While it is one of the protocol’s virtues, it can be a double-edged sword in cases like this virus attack. “When working with Bitcoin and cryptocurrencies, you are accountable for your own security,” Nel recommended. Always double-check the initial four to six characters and the last four to six characters when copying and pasting wallet addresses.”

It all comes down to one of Bitcoin’s most important mantras: “don’t trust, verify.” Always review addresses before giving money, making sure to check “the complete address.” Send a test transaction of a few Satoshis if the amount is big to confirm the funds arrive safely at the appropriate wallet address.

“The issue was still there,” C said, despite the discovery and uninstallation of the malware programme. “He provided me [Nel] a video where the wallet address would continue to dynamically change.” “All we know is that the malicious software became embedded in his operating system and was continuing doing its thing,” says the researcher of the laptop, which runs Windows 10.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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