YouTube Inadvertently Promoted an Illegitimate Version of Bitcoin Wallet Electrum

Google-owned video sharing website YouTube has recently inadvertently promoted an illegitimate version of the popular Electrum bitcoin wallet, as a scammer was seemingly trying to separate users from their BTC.

A Redditor managed to connect an advertisement that seemingly promoted the real Electrum wallet to the illegitimate version. The user, mrsxeplatypus, noted the ad even told users to go to Electrum’s website.

It even tells you to go to the correct link (electrum.org) in the video but when you click on the advertisement it immediately starts downloading the malicious EXE file.

Clicking on the ad would, however, redirect users to elecktrum.org (not electrum.org) and start downloading a malicious file. The scam, as The Next Web notes, uses a popular method called typosquatting, that sees malicious actors slightly alter the name of a legitimate website.

The news outlet reportedly reached out to Google, which responded that its teams have “taken appropriate action against the ad you reported.” This is notably not the first time YouTube helps promote scams to cryptocurrency investors.

As covered, a BitConnect class action lawsuit added the tech giant as a defendant last year over its “negligent” behavior. YouTube allowed BitConnect promoters to freely promote the scam on the platform and reach out to thousands of investors through it.

BitConnect notably collapsed in January of 2018, after receiving cease and desist orders from regulators in the US. The FBI has been looking for potential victims to assist in its investigation into the scheme.

Electrum itself has been attacked by hackers in the past. A phishing attack that saw hackers trick users into downloading a malicious version of the wallet managed to net them over 200 BTC, at the time worth over $730,000.

Bittrex International Closes Service for More than 30 Countries

  • Bittrex International is closing its service for clients in more than 30 countries, including Venezuela.
  • Users have until Oct. 29 to withdraw their funds from the exchange. 

Cryptoasset exchange Bittrex International will no longer be offering services to clients in more than 30 countries, including Venezuela and Egypt. 

According to the press release, the exchange informed customers residing in the now excluded countries that they would no longer be able to use the services of Bittrex International. 

Users will have until Oct. 29 to remove their funds from the exchange, 

On October 18, Bittrex International informed customers who reside in certain countries (see full list below) that they can no longer use the Bittrex International platform due to regulatory uncertainty. All trading and account access for these impacted customers will be halted on Tuesday, October 29 date at 19:00 UTC/21:00 CEST.

Bittrex International, which is based out of Malta, published a guide for withdrawing funds from the exchange, including a warning that customers must have 3 times the withdrawal fee amount in order to do so. 

Among the countries listed was Venezuela, which caught community members by surprise given the country’s growing adoption for crypto. 

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