![]() ![]() After doing Coinbase vs Electrum comparison, it’s evident that Coinbase has somewhat better security features than Electrum. While comparing Coinbase vs Electrum, we can see that Coinbase has a higher Value for Money score compared to Electrum.Īnother highly important aspect is the Security Level - it can tell you how safe your crypto assets will be if stored in a certain wallet. The Value for Money score is one of the most important factors you should consider, as it can tell you whether the crypto wallet comes with the best quality and price ratio, or if the brand lacks in one of these aspects. For a more detailed Coinbase vs Electrum analysis, take a look at the in-depth comparison chart below.Ĭoinbase vs Electrum Technical Comparison Results According to our analysis, Ledger Nano X has the highest overall score out of all crypto wallet brands & is considered to be one of the most trusted wallets out there with the overall score of 9.8. To help you quickly decide which crypto wallet is the best, we have also compared Coinbase vs Electrum with the top-rated & most popular crypto wallet brand - Ledger Nano X. Electrum, on the other hand, has scored 8.2 final points. If you want to get a brief understanding of Coinbase vs Electrum comparison results, take a glance at the short table below.īy comparing Coinbase vs Electrum overall scores, we clearly see that Coinbase has the higher overall score of 9.1. If you ever notice a similar sequence of events when trying to access your wallet, simply screenshot the page and send it to the support team at the official website to verify that it is their developers who are asking you to make an update or download an application, and not some hacker trying to steal your funds.Coinbase vs Electrum - Crypto Wallet Comparison OverviewĪfter performing an in-depth analysis of Coinbase vs Electrum crypto wallets & their features, we have grouped the represented data into 9 different sections to help you process the information easier & quicker. This recent hack is a perfect example of the points discussed. We’ve previously written about why is it crucial to solving the security-complexity relationship in order to fast-track cryptocurrency adoption. Links that you have to copy paste, or seemingly random requests to update your wallet are clear signs that something may be off and that you should avoid proceeding further until you can verify who is making the request. Many are new to the space and often don’t understand how to identify the various traps that smart hackers setup to steal their funds and information. The biggest problem is not the security of the blockchain itself, but the lack of sophistication of users who interact with crypto wallets. Hacking incidents like this are widespread in the crypto space and have contributed to almost $1 billion in cryptocurrencies being stolen in 2018 alone. Source: Reddit Almost One Billion USD Stolen Only in 2018 The latest reports show that the hacker has stolen funds from many other victims like this user, and so far has stolen up to $1 million, which has now been consolidated in this address: The hackers’ wallet address. The user also reported that they could not download Electrum from their official website, which means Electrum may have experienced a DDOS attack. ![]() It was only when they decided to restore their wallet on a different PC that they realized their entire balance had been transferred to a strange address. The user made multiple attempts to send their BTC, and each time would get an error message saying, “”max fee exceeded no more than 50 sat/B”. After downloading the app, the user logged back in again, and the system asked them for their 2-factor authentication (Electrum normally only asks this when a user is attempting to send funds to a recipient). The user proceeded to copy paste the link and download the application. It instead made them copy/paste the link into their browser window It didn’t allow them to click it as standard links would.It was not the official link from the Electrum site.The first user that reported the hack noticed that the link was strange for 2 reasons: The Fake Error Message Users Had Received. When a user would log into their wallet and try to send BTC to an address, they would receive an ‘official looking’ message claiming that they had to update to the latest version of their Electrum Wallet, followed by a GitHub link. According to the details, the hackers setup multiple malicious servers. Another major hacking incident has just occurred, this time involving an Electrum Bitcoin Wallet. ![]()
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