The rise of fake cryptocurrency apps and how to avoid them
Scammers are using fake crypto apps to steal funds from investors. Some malicious apps find their way into official app stores. Scammers have been taking advantage of blockchain’s decentralized and immutable nature to swindle crypto investors since the advent of the technology.And, according to the latest FBI fraud report, fraudsters are using fake crypto apps to steal money from unsuspecting crypto investors. It highlights that American investors have lost approximately $42.7 million to swindlers through fake apps.The schemes reportedly take advantage of heightened interest in....
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Thousands of users were scammed into buying fake Android cryptocurrency mining apps, according to a California-based security firm. These apps are advertised as a way of earning money via mining cryptocurrencies, but in actuality they don’t perform any function. Instead, they charge the user for supposed improvements and enhancements to improve their currency throughput. 93K Users Scammed Scammers tricked more than 93K users by selling them fake cryptocurrency apps through the Google Play Store. These numbers come from the latest report from Lookout, a California-based security firm.....
Fake bitcoin wallet apps have emerged in the Apple iTunes App Store, potentially putting bitcoin accounts at risk and reinforcing the need for people to make sure they are downloading apps from official wallet websites, according to Kyt Dotson, a senior editor at Silicon Angle. A representative of Breadwallet, a bitcoin app available in App Store and Google Play, has posted a notice on Reddit listing a number of fake bitcoin wallet apps in the iTunes App store, calling into question Apple’s vetting process. The fake apps have names similar to the official mobile wallet apps, but they can....
A U.S. lawmaker has demanded answers from Apple CEO Tim Cook and Google CEO Sundar Pichai about their measures against fake cryptocurrency apps appearing in the Apple App Store and the Google Play store. “Millions of Americans use mobile apps to invest in unregulated digital assets,” said Senator Sherrod Brown. “Reports have emerged of fake crypto apps that have scammed hundreds of investors.”
U.S. Senator Questions Chief Executives of Apple and Google on Fake Crypto Apps
Senator Sherrod Brown (D-OH), chairman of the Senate Committee on Banking,....
While bitcoin (BTC) prices are increasing, crypto-related scams appear on the scene to take advantage of the situation. In this case, a security firm spotted three malicious crypto apps targeting users to steal their funds. Three Bogus Crypto Trading and Poker Apps Are Infected With Dangerous Malware According to Intezer Labs, a year-long malware operation has been underway since January 2020, spreading faster with the help of a sophisticated marketing campaign. Per the research, the threat actors rely on three cryptocurrency-related apps to spread a Remote Access Tool (RAT) malware named....
The Federal Bureau of Investigation (FBI) has issued a warning about fake cryptocurrency apps defrauding investors. “The FBI has identified 244 victims and estimates the approximate loss associated with this activity to be $42.7 million,” said the U.S. law enforcement agency. FBI’s Crypto App Warning The cyber division of the Federal Bureau of Investigation (FBI) issued a notice Monday warning investors and financial institutions about fraudulent cryptocurrency applications. The notice states: The FBI is warning financial institutions and investors about cyber....