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Electrum is a well-known light wallet for Bitcoin that adds new features such as server authentication using SSL to prevent MITM attacks. So unlike other Bitcoin light wallets, Electrum cannot communicate directly with different versions of Bitcoin full nodes, and each startup connects to electrumserver to communicate, and electrum.

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At the time, the only Bitcoin mining was done with the support of the CPU, the processor that lets the PC work. No one has come up with a more efficient way to generate chunks. As he embarks on efficiency gains, Hannitz admits that he doesn't fully understand "how quickly the difficulty is adjusted" (because no one has yet created a miner strong enough to actually test the mechanism). Still, he's thinking about how to generate more chunks faster to extract more value from the Bitcoin network.

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In March 2002, Novogratz left Goldman Sachs to join Fortress Investments Group LLC, a rising investment firm at the time, to manage hedge funds, including Fortress Macro Fund and Suspension Bridge Global Macro Fund, two highly liquid macro hedge funds. With its excellent fund management capabilities and radical thinking, Novogratz has generated a lot of revenue for Fortress Group, and has served as Co-Chief Information Officer of Fortress Group's Macro Fund, Head and Director of Fortress Credit.

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According to Reddit user u/normal_rc, electrum's wallet was hacked and nearly 250 bitcoins (243.6 BTCs, nearly $1 million) were maliciously stolen, according to coinelegraph. Electrum then confirmed that the attack included creating a fake version of the wallet to trick users into providing password information. Electrum responded on Twitter that "this is a persistent phishing attack on Electrum users" and warned users not to download Electrum from any source other than the official website.