Crypto holders should remain security conscious as there are cybercriminals lurking in the dark, looking for new ways to steal digital assets from unsuspecting victims.
In particular, the crypto space has recorded an increase in crypto thefts via fake and malicious crypto wallets. It is becoming common to encounter fraudulent apps which scammers use to siphon cryptocurrencies. According to reports, these apps generally mimic authentic crypto wallets of popular cryptocurrencies.
Researcher Discovers Four Fake Crypto Wallet Apps
On November 13, security researcher Lukas Stefanko revealed that he had discovered four fake crypto wallets on Google Play Store. Stefanko stated that the apps claim to offer users wallet services for Tether, MetaMask, and Neo. Furthermore, Stefanko went ahead to categorize the apps into two groups –phishing and fake wallets. The MetaMask app falls under the phishing category as it requests for users’ private key and wallet password.
Consequently, users who submit this information lose their assets. Already, over 500 people had downloaded the app, and its 48 reviews had culminated in a 2.8-star rating. Interestingly, the real MetaMask is an extension available only on Google Chrome, Mozilla Firefox, and Opera.
In contrast, the Neo wallets and Tether wallet, which fall under the fake wallet category, siphon funds by manipulating users. Apparently, a single hacker or group of hackers is/are the creator of these apps. They display the attacker’s public address and they do not generate private keys for users. Therefore, when users deposit funds into the wallet, withdrawing such funds is impossible they do not possess private keys.
Building Malicious Apps Is Easy?
Furthermore, the hacker utilized an easy-to-use developer tool called Appy builder. Users of this tool need not have deep knowledge of coding in order to build an app. Instead, the platform functions as a drag-and-drop app builder. This revelation indicates that just about anyone can create or design a malicious app for various crypto scams. Therefore, it is important that crypto holders are always at alert.
Also, Stefanko had reported in August that another app on Google Play Store had duped unsuspecting victims by posing as an Ethereum app. According to the report, users who purchase the app only get an Ethereum logo instead of the promised Ethereum coin. In addition, a report released yesterday revealed that another app on Play Store has been identified as a scam scheme. Fortunately, a developer company reported this app and Google was quick to remove it from its store.
Clearly, there is a need for crypto holders to verify the source and authenticity of crypto apps before utilizing them. Hopefully, the various strategies implemented in order to reduce this scourge will begin to yield favorable results.
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