• Posted by: Michael Johnson
• September 17, 2024

Binance Warns of Global Clipper Malware Targeting Cryptocurrency Users

Binance is warning cryptocurrency users about an ongoing global threat involving clipper malware, a malicious software aimed at committing financial fraud by hijacking cryptocurrency transfers.

Clipper malware, also known as ClipBankers, belongs to a class of malware that Microsoft calls cryware. Its main capability is monitoring a victim’s clipboard to steal sensitive data, such as cryptocurrency wallet addresses. By swapping the intended wallet address with an attacker’s wallet, users unknowingly transfer their funds to a rogue wallet.

In an advisory issued on September 13, 2024, Binance revealed it had been tracking the spread of this malware. The malware intercepts data stored in a user’s clipboard to replace cryptocurrency wallet addresses, causing significant financial losses for affected users.

"The issue has seen a notable spike in activity, particularly on August 27, 2024," Binance said. The malware is most commonly distributed through unofficial apps and plugins, particularly targeting Android and web apps, though iOS users should also remain vigilant.

Users often install these malicious apps when searching for software in native languages or through unofficial channels due to restrictions in their countries.

In response, Binance has taken steps to blocklist attacker addresses to prevent further fraudulent transactions and is advising users to check for suspicious software or plugins. The exchange recommends that users avoid downloading software from unofficial sources and verify the authenticity of any apps and plugins they install.

Additionally, Chainalysis, a blockchain analytics firm, recently reported a 20% drop in aggregate illicit on-chain activity in 2024. However, stolen funds inflows have nearly doubled, from $857 million to $1.58 billion year-to-date.

"Scammers continue to shift away from broad-based schemes to more targeted campaigns," said Chainalysis, noting a rise in the use of Chinese language marketplaces and laundering networks.