Malicious Apps Mimicking Popular Cryptocurrency Wallets Are Targeting Android And iOS Users

With the growing trend of cryptocurrency on the rise, so many Android and iOS users are becoming vulnerable targets for malicious apps that steal crypto without anyone noticing.

The detailed report comes from a renowned internet security firm and antivirus maker ESET, who has generated an alarm regarding the malicious crypto scheme.

To many people’s surprise, a number of mobile users have been targeted since last year with reports increasing as we speak.

The art of mimicking crypto wallets

The malicious apps are designed in a manner that targets leading crypto wallets such as Metamask, Trust Wallet, Bitpie, OneKey, Coinbase, imToken, and TokenPocket amongst others.

The masterminds behind the scheme are now using ads on authentic websites along with misleading articles.

Experts believe the goal here is to promote fake websites in those articles that are known to be involved in the distribution of different copycat wallet applications.

But cybercriminals are not stopping there. They have been able to hire middlemen that function on platforms like Facebook and Telegram.

Stealing from users’ funds is the ultimate goal

As you can probably imagine, stealing funds from Android and iOS users is their ultimate goal. Research has revealed how prime targets of cybercriminals in the past have been users from China.

However, with the growing spread and popularity of crypto around the globe, it certainly wouldn’t take long for them to reach other markets.

Staying alert and being informed can make you less vulnerable

Tech experts believe the malicious apps in focus are posing another threat to victims. And the best way to avoid such fraudulent behavior is to stay alert and be informed.

Research has shown that most cybercriminals pounce on their prey via hidden seen phrases towards the user’s server. Obviously, this is done through a very insecure HTTP connection.

This way, cybercriminals can attack the user’s funds not only directly but also through other attackers that eavesdrop over the same network.

Similarly, recent reports have spoken about the discovery of at least 13 malicious apps. They are designed to impersonate Jaxx Liberty Wallet and can be downloaded directly through the Google Play store.

One elaborate scheme on the rise

Thanks to the discovery by security researchers, multiple trojanized crypto wallets have been outlined.

However, users must note that the authors behind the malware are carrying out a detailed analysis of how they can insert fraudulent codes. And these are so hard to detect.

Other goals used to carry out the malicious scheme includes the addition of functionality that’s very similar to original apps. This way, it would be extra hard to tell the difference.

For now, crypto users are advised to restrict themselves from being vulnerable. And that means downloading crypto wallet applications from authentic places like the Google Play Store or the Apple App Store.

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