Binance has issued a global alert about a rising malware threat targeting cryptocurrency users.

Known as “Clipper malware,” the malicious software alters wallet addresses during transactions, leading to financial losses if the wallet user doesn’t catch on, according to Binance.

The malware replaces the user’s copied wallet address with one controlled by the attacker, tricking victims into sending cryptocurrency to the wrong destination. In other words, the malware changes some wallet address numbers during crypto transactions, causing users to send funds to hackers instead of their intended recipients.

According to Binance (BNB), the problem has spiked in recent weeks, with a notable increase in incidents around Aug. 27, 2024. The malware primarily spreads through unofficial apps and plugins, especially targeting Android users, though iOS users are also at risk.

Many users inadvertently download the malware while searching for software in their local languages or through unapproved sources.

Risk-taking measures

In response, Binance’s security team has implemented several measures to counteract the threat. They have blacklisted suspicious addresses, informed affected users, and are closely monitoring for further risks.

Users are advised to triple-check withdrawal addresses and ensure that no malware is interfering with their transactions.

The company has also urged users to verify the authenticity of apps and plugins, double-check withdrawal addresses, and install reliable security software to guard against these scams. Binance also recommends regularly updating security software to stay safe.