Fake WalletConnect App Steals $70,000 in Crypto Scam: Over 150 Users Tricked - Read Now
Cybersecurity experts have found a fake Android app that stole around $70,000 in cryptocurrency from users over five months. The app, found on the Google Play Store, pretended to be a legitimate tool called WalletConnect, which many people use to manage their crypto wallets.
The app tricked over 150 users into downloading it by pretending to be a real app and using fake reviews to boost its ranking. It was downloaded more than 10,000 times. However, not all users who downloaded the app lost money.
Check Point, the cybersecurity company that discovered the scam, said this was the first time a crypto scam targeted only mobile device users.
The fake app had many names like "Mestox Calculator," "WalletConnect - DeFi & NFTs," and "WalletConnect - Airdrop Wallet." It was popular in countries like Nigeria, Portugal, and Ukraine. Though the app has been removed from Google Play, it can still be found on third-party app stores, which shows the dangers of downloading apps from untrusted sources.
Once installed, the app redirected users to fake websites based on their IP addresses. It then tricked users into connecting their crypto wallets and signing transactions. This allowed the attackers to steal cryptocurrency from the users' wallets.
The malicious app used a special crypto drainer called "MS Drainer." When users tried to verify their wallets, their information was sent to the attackers, who used it to transfer the victims’ money to their own wallets.
In another scam, a similar fake app named "WalletConnect | Web3Inbox" was also found on Google Play Store, gaining over 5,000 downloads before it was taken down.
These scams show how advanced crypto scams are becoming, especially in decentralized finance, where users often trust third-party apps to manage their digital money. Always download apps from trusted sources and be careful when connecting your crypto wallets.
