Binance Warns Of ‘Clipper Malware’ Targeting Crypto Users

Binance has issued an alert on Friday about a growing malware threat known as “Clipper malware,” which is targeting cryptocurrency users and causing significant financial losses.

The malware works by altering wallet addresses during transactions, leading victims to unknowingly send cryptocurrency to an attacker’s wallet.

In a blog post Binance explains that the malware intercepts data copied to the clipboard and replaces legitimate wallet addresses with those controlled by attackers. Users typically copy and paste wallet addresses during cryptocurrency transfers, and if they fail to notice the altered address, their funds are sent to the wrong recipient.

Binance has observed a noticeable increase in such incidents, particularly since August 27, 2024. The malware is primarily spread through unofficial apps and plugins, with Android users being particularly vulnerable.

However, iOS users are also at risk. Many unsuspecting victims download the malware while searching for software in their local languages or through unapproved sources.

These threats highlight a persistent problem within the crypto industry. The FBI recently reported that crypto investors lost $5.6 billion to scams and hacks in 2023.

Adding to the concern, the alert follows a recent report from the Federal Trade Commission, released last week, which highlighted an increase in fraud at Bitcoin ATMs. On top of this, ransomware attacks are on the rise, with active groups increasing by 56% in 2024.

In response, Binance’s security team has implemented several countermeasures. They have blacklisted suspicious wallet addresses to prevent further fraudulent transactions and notified affected users about the malware.

Binance also urges users to report incidents to help them identify and analyze the specific apps and plugins involved in the attacks.

To protect themselves, Binance advises users to verify the authenticity of any apps or plugins they download, double-check wallet addresses before making transactions, and ensure they have reliable security software installed on their devices.

Regular updates to security software are essential in guarding against evolving threats like Clipper malware.

This alert serves as a reminder of the risks inherent in cryptocurrency transactions and highlights the importance of taking proactive steps to safeguard digital assets.