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Hackers Target Electrum Users, Foxbit Co-Founder Dies in Car Crash

Alan Muli

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Recent reports have it that hackers have shifted gears and are targeting popular cryptocurrency platform Electrum. The news have been confirmed Electrum developers. The project’s developers confirmed that, Electrum users have been targeted in a new phishing attack. The team warns against downloading the software from any other source that isn’t the wallet’s official website.

The attack that began a week ago, has been conducted through evil-intentioned servers. The malicious software asks for a two-factor authentication code from users. Which is unusual as the codes are needed only when sending funds. The code is then used to transfer the stolen digital cash to addresses controlled by the attacker.

According to reports, the hacker or hackers have managed to misappropriate over 200 BTC so far. After being notified of the attack, Electrum developers released an update. The attackers’ repository has also been taken down by Github admins.

Electrum issued an emergency patch for another bug in January of this year. The bug exposed passwords, therefore allowing potential theft of cryptocurrency belonging to their users.

Foxbit Co-founder passes on

In other news, Gustavo Schiavon, one of the founders of the leading Brazilian cryptocurrency Foxbit, passed on after he was involved in a grisly road accident. Mr Gustavo was driving between Sao Paulo and Marilia when he reportedly lost control of his car and rammed into a cargo truck. Ariadny Rinolfi, the young entrepreneur’s girlfriend, survived the ordeal but is in critical condition.

The crash involved two passenger cars and two large trucks. Schiavon together with three other partners established Foxbit in 2014. It went on to become Brazil’s largest digital trading platform. This year Foxbit has had its fair share of challenges. In March the exchange lost approximately $260,000 to hackers. They then restored customers’ balances with company reserves.

Foxbit was also involved in a lawsuit against a commercial bank that closed its account. The bank was citing concerns over money laundering. Without showing evidence in court, the bank claimed to have the right to shut down accounts which seemed to be risky.

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