A fake "Wallet Connect" app on the Google Play Store has scammed over 150 users, resulting in more than $70,000 worth of stolen cryptocurrency.
Disguised under names like “WalletConnect - Airdrop Wallet,” the fraudulent app deceived users with high search rankings and fake five-star reviews.
With scams on the rise during crypto bull markets, cryptocurrency holders need to be more vigilant than ever, as frauds also extend beyond app stores to search ads, social media, and phishing emails.
Here's how to protect yourself from the growing wave of digital scams.
Contents
Fake Wallet Connect App Found on Google Play
A fraudulent app posing as Wallet Connect on the Google Play Store has been responsible for the theft of over $70,000 worth of cryptocurrency.
The scam was uncovered by Check Point Research (CPR), the research division of Check Point, which reported that the fake app was listed under names such as “WalletConnect - Airdrop Wallet” and “WalletConnect – Crypto Wallet,” mimicking the popular Wallet Connect tool.
The app was first made available on March 21, 2024, and remained on the store for over five months.
During this time, it was downloaded more than 10,000 times, with more than 150 users falling victim to the scam, leading to significant cryptocurrency losses totaling over $70,000.
Ranked High in Search Results and Boasted High Reviews
One concerning aspect of this fraudulent app is that it appeared at the top of search results when users searched for "Wallet Connect."
Additionally, the app had numerous five-star reviews, which may have contributed to its high ranking and the increased number of victims.
Despite over 150 users having their assets stolen, only 20 negative reviews were posted, suggesting that many victims may not have realized they were scammed.
It was also reported that the scam app had changed its name several times to appear more legitimate, making it harder for users to detect the fraud.
Beware of Increasing Scams and Hacks During Bull Markets
While it is generally assumed that official stores like Google Play and Apple's App Store are safe, reports suggest that fraudulent apps are becoming more prevalent on these platforms.
As cryptocurrencies gain attention during price surges, scammers often increase their attacks, meaning there may be more scams like this in the future.
The risks of fraud and hacking extend beyond app stores. Scammers use various methods, including Google search ads, browser extensions, fake social media accounts, phishing emails, and even small transfer schemes that target accidental payments.
It is crucial for cryptocurrency holders to stay informed and take proactive steps to protect themselves from scams.
>> Click here for the latest fraud-related news
-
Beware of "Clipper Malware" That Changes Cryptocurrency Withdrawal Addresses Without Permission
As cryptocurrency transactions become increasingly vulnerable to cyber threats, Clipper Malware poses a serious risk by secretly changing withdrawal addresses to divert funds. BINANCE has reported a surge in these attacks, especially targeting Web and Android users. Learn how this malware operates and discover key strategies to safeguard your assets from falling into the wrong hands. Don’t let your cryptocurrency become a target—stay informed and protected! Contents1 What is Clipper Malware?2 High Risk for Web, Android, and iOS Users3 How to Protect Yourself from Clipper Malware3.1 Verify the Authenticity of Apps and Plugins3.2 Avoid Downloading from Unofficial Sources3.3 Double-Check Withdrawal ...
続きを見る