The post Fake WalletConnect App Scams 150 Users, Stealing Their Crypto Funds! appeared on BitcoinEthereumNews.com.

A fake WalletConnect app on Google Play tricked users into authorizing unauthorized transactions, stealing their crypto funds. The app used fake reviews to appear credible, resulting in 10,000 downloads and compromising 150 users’ crypto wallets. A recent incident has raised severe worries in the cryptocurrency industry, with fake WalletConnect software stealing over $70,000 from unsuspecting users before being removed from the Google Play Store. The app, disguised as a legal WalletConnect application, went by the name “WallConnect” and duped users into confirming unlawful transactions, resulting in significant financial losses. Fake Reviews Boosted the App’s Credibility, Leading to Widespread Deception The fake application was active for roughly five months, received over 10,000 downloads, and duped at least 150 people into losing their crypto investments. Despite Google’s security standards, this rogue software was able to evade them, reminding us that even legitimate app stores can hold deceptive and hazardous threats. Source: Google Play Store The fraudulent WalletConnect software got awareness through fake reviews, which artificially increased its position in the Google Play Store. This creative strategy made the software appear more reputable, resulting in a higher number of downloads. Once installed, users were driven to a fraudulent website that asked them to link their crypto wallets. The program then misled users into allowing numerous transactions, resulting in the theft of their money. This strategy is part of a larger trend of phishing assaults against the crypto ecosystem, which have become more sophisticated in recent years. Security researchers revealed that the fake app prioritized draining the most valuable tokens first, resulting in even greater losses for its users. Despite at least 20 negative reviews on Google Play pointing to questionable activity, the app remained operational for months and received a large number of downloads. Check Point Research, a cybersecurity organization, investigated the situation…

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Filed under: News - @ September 29, 2024 9:08 am