Binance has issued a warning to cryptocurrency users regarding a “global malware” threat that is specifically targeting withdrawal addresses.
Binance, the world’s largest cryptocurrency exchange by trade volume, has issued a warning regarding “ongoing global malware assaults” that are targeting crypto withdrawal addresses.
Binance’s alert was issued in response to a recent FBI report that showed an astounding $5.6 billion was lost to crypto breaches and schemes in 2023. This is in addition to the $1.4 billion that was lost to crypto-related cybercrimes in the first half of 2024, which underscores the industry’s long-standing vulnerability to malicious actors.
According to a recent blog post, Binance’s security team has discovered a malware issue that “substantially” affects crypto transactions by modifying withdrawal addresses during the transmission process.
The compromised software, which is frequently referred to as “Clipper malware,” intercepts data recorded in the clipboard and replaces the original addresses with those created by the perpetrator. This occurs when a user copies and pastes a wallet address to transmit digital assets.
“The user could lose money if they finish the transfer and don’t notice the change. The attacker might then get the the digital currency.” “Binance penned.” “The issue has experienced a significant increase in activity, primarily on August 27, 2024, resulting in substantial financial losses for the affected users.”
The malware is frequently disseminated through unofficial applications and extensions on Android and web applications, as indicated in the post. Nevertheless, Binance cautioned that iOS users should also exercise caution, as the malware may target them when they seek for crypto-related software in their native language or through unofficial channels in the event of restrictions.
The crypto exchange stated that it had implemented a variety of countermeasures to address the challenge, such as blacklisting suspicious addresses, incident reporting, ongoing monitoring, and notifying affected users.
In the interim, Binance encouraged users to confirm the authenticity of addresses prior to authorizing withdrawal transactions and to install sophisticated security software that can detect and eliminate malware threats from a compromised device.
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