Popular bitcoin wallet Electrum faces sophisticated denial-of-service attack

The servers of Electrum, a popular Bitcoin wallet, were under heavy denial-of-service attacks Sunday night; The total amount stolen could be in the "Millions of dollars" so far.

On Twitter that its servers had fallen victim to heavy denial-of-service attacks and that it was working on a more robust version of the Electrum server.

We are working on a more robust version of the electrum server.

Hackers have launched the attack in order to direct users to compromised versions of the server designed to steal their wallet balances.

A security researcher familiar with the technology revealed that if these fake versions of Electrum are installed, all funds contained in the old versions are immediately lost.

While there is still no concrete evidence that links the ongoing DoS attack to any of the other previous attacks on Electrum, many Reddit users looking into the matter.

Phishing attacks have been a regular occurrence in the Electrum community for months, with the Trojan horse 'electrumstealer' and its variants believed to have stolen millions of dollars worth of Bitcoin so far.

As the ongoing attack only seem to be targeting users with outdated Electrum clients, some have speculated that it was made in retaliation for the new protections made for Electrum users.

While developers are working on solving the issue, Electrum advised its users to download Electrum software either from the official domain or the company's GitHub repository.

As increasing the number of legitimate servers could help dilute the strength of the attack.