New research has revealed that iPhone and Android users may be at risk of having their cryptocurrency stolen. Researchers say a sophisticated malicious cryptocurrency scheme is currently active.
Cybersecurity firm ESET warns that malicious programs are being spread using fraudulent websites that look like reputable wallet services like Metamask and Coinbase.
Fake crypto wallet apps target iOS, Android users
ESET has mentioned fake versions of Coinbase, Metamask, Trust Wallet, imToken, OneKey, TokenPocket, and BitPie among the recently detected malicious mobile apps.
“You should pick carefully which mobile app to use for managing your funds,” Lukáš Štefanko, the ESET researcher who discovered the scheme, said in a statement.
Štefanko emphasized that with the price of Bitcoin and other major cryptocurrencies much lower than their all-time highs, this may be a time to panic and withdraw funds.
Cryptocurrency prices peaked late last year and have since plunged precipitously. This rings true even as crypto holders brace for a $10 trillion earthquake.
However, the crypto price collapse has not deterred hackers. Attackers are employing dozens of phony websites. They are also placing legitimate sites with deceptive information, as well as Telegram and Facebook to distribute harmful programs, according to ESET.
Attackers could expand target reach
So far, ESET has discovered that the scheme is primarily targeting Chinese iPhone and Android users of Coinbase and Metamask. However, they expect the techniques to spread to other markets.
The European Union’s securities, banking, and insurance watchdogs issued a joint warning earlier this month. They sAY cryptocurrency investors are risk losing all of their money if they fall victim to scams, echoing similar warnings from U.S. regulators and lawmakers.
Coinbase and other providers have stated they’re working with the Treasury Department to block or freeze wallet addresses linked to sanctioned persons or entities.
The Russian-Ukraine crisis may also heighten the need to regulate and track cryptocurrency. Europe is at the forefront, but it’s becoming an ugly affair. Some cryptocurrency companies in the U.K. have chosen to leave the country rather than comply with a regulatory procedure that they believe is unjust and unsustainable.