The world’s largest digital asset exchange has alerted users about a new malware (Clipper) that could lead to huge losses. It is a malicious tool that affects Cryptocurrency withdrawals and has already claimed several victims among the community. This malware would have the ability to change the addresses of recipient wallets.
In this sense, legitimate transactions are turned into shipments to hackers’ addresses. This manipulation represents enormous risks for funds, considering that users rarely verify the extensive shipping addresses. In this sense, Binance makes a series of recommendations to people who trade digital currencies.
In a blog post, the firm announced a series of measures to prevent people from falling victim to these attackers. Among these measures is the blocking of addresses that have already participated as perpetrators of the attacks. Although this measure may be reasonably effective, it does not eliminate all the associated risks.
That’s why the company asks people to take additional security measures. One of them is double-checking addresses. So people have to manually verify addresses before sending. That means not blindly trusting the clipboard.
We’ve identified a global malware issue that alters withdrawal addresses during the transaction process.
Be cautious of plugins and apps you’ve installed, especially on Android and web apps, and stay alert on iOS too.
Our Binance security team is on top of this issue and… pic.twitter.com/1y9jn0D9CX
— Binance (@binance) September 14, 2024
Clipper affects cryptocurrency withdrawals
The fact that the new malware affects cryptocurrency withdrawals is remarkably risky. During periods of rising prices, people tend to buy large amounts of coins and then send them to storage wallets. Meanwhile, they leave only small amounts on exchanges.
This means that exchange withdrawals can become particularly dangerous for people. However, by taking appropriate security measures, these types of thefts can be easily avoided. Another measure that Binance recommends in its publication is to avoid installing third-party applications in browsers.
They only recommend installing recognized security applications that allow detecting possible threats. In any case, they say that the main source of security is the personal surveillance measures of the people themselves. For this reason, they insist on manually verifying addresses and avoiding copying and pasting addresses without checking each character.
When making withdrawals, users must always manually verify that the shipping address matches.
On the other hand, the exchange asks users to be alert and report any possible threats they detect on the platform. This allows the firm to take measures in time against possible attempts to change strategy by the hackers behind this malware that affects cryptocurrency withdrawals.
Security threats on exchanges are constant. Hackers are highly proactive in evolving their techniques. As platform security improves and adapts to threats, hackers increase the level of sophistication of their attacks.
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