Binance has issued a warning about ‘Clipper’ malware being used to steal cryptocurrency

Stay connected with BizTech Community—follow us on Instagram and Facebook for the latest news and reviews delivered straight to you.

One of the leading exchanges in the world today, Binance, has revealed the dangers of “Clip Malware” attacks. This malware operates by altering the crypto wallet address during a transaction, causing the cryptocurrency being transacted to end up in the perpetrator’s pocket instead.

This incident could certainly go unnoticed by users during transactions, which could lead to significant financial losses if the transaction is completed.

Since August 2024, Binance has been increasing its oversight of Android users who are vulnerable to this malware. However, iOS users are also not exempt from the possibility of experiencing the same issue if they install applications or plugins from unofficial sources.

What is Clipper Malware?

Clipper malware is a type of cyber threat specifically designed to manipulate cryptocurrency transactions. When users copy a digital wallet address, this malicious software automatically replaces the address with that of the attacker, causing the funds that were supposed to be transferred to the correct address to instead be sent to the attacker’s wallet. This action occurs so subtly and without notice, making it difficult for users to detect during the transaction process.

Actually, malware like this has been around for a decade. Its initial use was by banking trojans to change bank account numbers. With the emergence of cryptocurrency, this new type of malware is now actively targeting cryptocurrency owners and sellers.

Malware operates by replacing part of the clipboard content with the attacker’s wallet address after detecting a wallet address in the clipboard. Based on the latest data in 2023, criminals exploiting this malware have already amassed profits of USD 400,000.

Security Measures from Binance

Binance has taken preventive measures by blocking wallet addresses deemed suspicious and warning users who may have been affected. Additionally, they are collaborating with authorities to track and freeze wallet addresses involved in the attack.

Binance also provides several security tips for users to help protect their digital assets. This recommendation includes:

• Application Verification: Always download applications and plugins from official sources to ensure their security
• Double-Check Withdrawal Address: Before completing a transaction, make sure to verify the withdrawal address again to avoid unauthorized modifications
• Take Screenshots: Take a screenshot of the withdrawal address and ask the recipient to double-check before making the payment
• Use Antivirus/Other Security Software: Install trusted security software to protect your device from malware.

In addition to the Clipper malware, Binance also warns about fraudulent sites posing as support services related to malware. These sites use the Binance brand to deceive users and steal access to their wallets.