Scam alert: Beware of fake Electrum SV wallet

Getting your Trinity Audio player ready...

A new clone website has launched that poses as the Electrum SV wallet. The clone has no connection to Electrum SV and is out to steal your money and reign confusion in the Bitcoin SV community. What’s most interesting is that despite touting itself as a BSV wallet, the clone is full of links to BCH resources, including links to the GitHub repositories for Electron Cash, a BCH wallet.

With BSV becoming more popular by the day, it’s only natural that scams are rising as the fraudsters seek to take advantage of the rapidly rising number of BSV enthusiasts. This time, it’s through the fake website, (https://www.electrum-bsv.org/), a clone of the original Electrum SV wallet which can be found at (https://electrumsv.io/).

https://twitter.com/ElectrumSV/status/1187824445747941378

A redditor by the name David Richards was among the first to notice the scam, posting on Reddit that he had lost his BSV and BTC tokens to the scam.

The fake website has attempted to hide the fact that it’s a scam by making all sorts of promises to its target users about how safe their tokens will be. These promises include having cold storage abilities, having the ability to recover your tokens using a secret phrase, decentralized servers and splitting your tokens for use in different wallets.

And just to reassure you that it’s a genuine wallet, the clone states on its homepage, “PLEASE take the time to verify the authenticity of these files before running them. This protects you against hackers and malware.”

What’s most interesting about the clone is its connection to BCH. On the website, the scammers write that all files are signed by Jonald Fyookball. Fyookball is the developer behind Electron Cash, a BCH wallet and he’s actively involved in BCH development.

The website also has an ‘explore source code’ footer link that redirects you to the Electron Cash repository. To add to the confusion, the site has a link to the Reddit forum for BTC.

Bitcoin Association has confirmed that the clone website is a scam whose goal is to create confusion in the BSV community while also defrauding users of their crypto. Stay alert!