Some fake crypto wallet apps are targeting iOS and Android consumers. These malicious applications are alarming since they copy the popular digital currency apps, which many blockchain investors use across the globe.
This illustration photo shows the Coinbase logo on a smartphone in Los Angeles on April 13, 2021. - The arrival April 13, 2021, of cryptocurrency exchange Coinbase on Nasdaq is one of the most anticipated events of the year on Wall Street, where enthusiasm for record-breaking bitcoin is in full swing, despite questions about the sustainability of the market.
ESET, a Slovak internet security firm, is the first one to discover the availability of these malicious crypto wallet apps on Android and iOS smartphones.
The cybersecurity company said that the fake crypto wallets were identified back in May 2021. When ESET identified the presence of these malicious applications, it was believed that only one hacking group was behind the massive scam.
Fake Crypto Wallet Apps Target iOS, Android Users
According to Tech Radar's latest report, the newly discovered malicious mobile apps are impersonating Coinbase, Metamask, Trust Wallet, imToken, OneKey, TokenPocket, and BitPie.
The bitcoin website is shown on the computer of the proprietor of a shop selling vinyl records and that accepts bitcoins for payment on April 11, 2013 in Berlin, Germany. Bitcoins are a digital currency traded on the MTGox exchange, and the value of the virtual money fluctuated from USD 260 per bitcoin down to USD 130 per bitcoin yesterday and recovered somewhat in trading today.
This is not the first time that crypto wallet apps have been copied by hackers and other online attackers. Trend Micro previously reported that hundreds of fake crypto wallet applications steal around $4.3 million worth of digital coins.
These malicious apps copy the legitimate crypto wallet companies by impersonating them through SMS or email messages. But, the ones discovered by ESET are quite different, which is why they are more alarming.
Original Crypto Wallet App Ads are Being Copied
ESET explained that the new malicious crypto wallet applications were able to copy the official advertisements used by Coinbase and other legitimate blockchain wallet companies.
Aside from this, hackers behind them also use misleading articles to promote bogus websites that allow them to distribute fake apps.
The security firm added that the cybercriminal group does this through Facebook and Telegram. The latest scam discovered by ESET clearly shows that the blockchain industry is attracting more and more malicious actors.
Last week, the so-called Pig-Butchering crypto scam targeted many Singaporean investors.
On the other hand, the popular rapper, Gunna, was accused of a crypto rug pull.
For more news updates about crypto scams and other malicious schemes in the blockchain industry, always keep your tabs open here at TechTimes.
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Written by: Griffin Davis
