Malicious Actors Targeting Cryptocurrency Users with Fake Apps

Introduction

Recently, there has been a surge in the number of fake cryptocurrency apps on Google Play that are designed to phish and scam unsuspecting users out of their cryptocurrency. According to researchers at ESET, one such app was found impersonating Trezor, a popular hardware cryptocurrency wallet. The fake app, known as Coin Wallet – Bitcoin, Ripple, Ethereum, Tether, has been created with the sole purpose of scamming users out of their money.

Increased Interest in Bitcoin

Bitcoin has experienced a resurgence in value this month, with prices climbing back up to the $8,000 range. Unfortunately, cyber-criminals have wasted no time in taking advantage of this price boost to target users with scams and malicious apps.

Analysis of Fake App

Upon closer examination of the fake Trezor app, ESET researchers discovered that while the app itself cannot harm Trezor users due to the hardware wallet’s robust security measures, it is connected to a fake cryptocurrency wallet app called Coin Wallet. This secondary app is designed to deceive users into transferring their cryptocurrency into the attackers’ wallets, a tactic known as a ‘wallet address scam’.

Response from ESET and Trezor

ESET promptly reported the fake Trezor app to Google’s security teams and Trezor. While Trezor confirmed that the fake app did not pose a direct threat to their users, they expressed concerns about the potential misuse of collected email addresses in phishing campaigns. As a result of these actions, both the fake Trezor app and the Coin Wallet app have been removed from Google Play.

Overall, it is essential for cryptocurrency users to remain vigilant and only download apps from trusted sources to avoid falling victim to such scams. By staying informed and taking necessary precautions, users can protect themselves from malicious actors seeking to exploit the growing popularity of cryptocurrencies.