Every OS exposes the same handful of primitives. On Windows, the Win32 clipboard API is OpenClipboard, GetClipboardData, SetClipboardData, and EmptyClipboard; almost nothing calls these directly, because clip.exe (a built-in copy-to-clipboard utility) and PowerShell's Get-Clipboard cmdlet wrap them for scripting use. A process that wants to react the instant new content lands, rather than poll, registers with AddClipboardFormatListener or the older SetClipboardViewer, which delivers a WM_CLIPBOARDUPDATE message on every copy. On macOS the equivalent is NSPasteboard through Cocoa, or the command-line pbpaste and pbcopy, and osascript's 'the clipboard' AppleScript primitive. Linux desktops route through X11's selection model via xclip or xsel against the CLIPBOARD or PRIMARY selection.
A clipboard-swapping clipper adds one more step: it reads the new clipboard content, tests it against a regex for wallet-address formats (Bitcoin's base58 or bech32 patterns, Ethereum's 0x-prefixed hex), and if it matches, calls EmptyClipboard followed by SetClipboardData with an attacker-controlled address pulled from a lookup table. The Sekoia writeup on Stealc documents this exact chain: a Stealc infection's C2 configures a next-stage download that Sekoia identifies as a Laplas Clipper, which then owns the clipboard-swap logic while Stealc continues harvesting browser and wallet data separately. A clipper only needs a lookup table of attacker-controlled wallet addresses, most often Bitcoin and Ethereum, to swap whatever a victim copies.
What actually generates telemetry depends on which layer the malware uses. clip.exe, Get-Clipboard, and osascript are all process launches, so they show up in standard process-creation logs (Sysmon Event ID 1, EDR process trees) the same as any other executable. Inline PowerShell use of the .NET Clipboard class only surfaces if Script Block Logging (Event ID 4104) is enabled, since the command line itself may show nothing more than powershell.exe -nop -w hidden. Raw Win32 API calls from a compiled binary generate no Windows Security event at all by default; catching those depends on kernel-level ETW providers or API-hooking EDR sensors, which is why analysts lean on the wrapper utilities and script logs as the practical detection surface rather than the API calls themselves.