Binance has issued a warning about the rising threat of clipper malware targeting cryptocurrency users worldwide. This malware is used for financial fraud by manipulating clipboard data to divert cryptocurrency transactions.

Clipper Malware (ClipBankers):

• Also known as cryware by Microsoft, clipper malware monitors a victim’s clipboard activity, detecting cryptocurrency addresses and replacing them with the attacker’s address.
• As a result, digital asset transfers are sent to rogue wallets instead of the intended recipients.
• Binance observed a significant rise in clipper malware activity, particularly on August 27, 2024, which led to notable financial losses for users.
• The malware is often distributed through unofficial apps and plugins, especially on Android devices, but iOS users are also at risk.
• Malicious apps are frequently installed by users from unofficial sources, especially in regions where there are restrictions on accessing certain apps.
• Binance has taken steps to blocklist attacker addresses and has advised users to check for signs of suspicious software.

Preventive Measures:

• Binance recommends users avoid downloading apps and plugins from unofficial sources and verify the authenticity of the software.

Cryptocurrency Fraud Trends:

• Chainalysis reported that overall on-chain illicit activity has dropped by nearly 20% in 2024, but stolen funds have doubled from $857 million to $1.58 billion.
• Scammers are shifting from broad Ponzi schemes to more targeted campaigns like “pig butchering,” work-from-home scams, and address poisoning.
• In 2023, cryptocurrency fraud reached record levels, with over $5.6 billion in losses, a 45% increase from 2022.
• The majority of cryptocurrency fraud originated from the U.S., followed by other countries including the Cayman Islands, Mexico, and Canada.