Yes, there is an app for everything. Even for scammers.
Turns out scammers are going full app on unassuming crypto folk by launching apps on the Apple’s AppStore and Google play stores.
One would assume that the likes of Apple and Google would have a decent scrutiny to weed out bad actors, but apparently, the size of their app stores is so big that – some fall through the crack.
What is an innocuous mistake on the company’s part could cost you your crypto savings.
Here is how the scam works
There are essentially two ways how these bad actors slip into the app stores.
Scam from the get-go
The app is created to steal crypto from the innocent folk by offering a service that looks, feels and sounds genuine.
You could even have LinkedIn profiles, developer kits, etc., to attach as much legitimacy as possible.
Sometimes, these scammers are patient. They can carry on the scam for more than a few months (and even years) to earn the trust.
Some others take the shortest route.
For instance, Washingtonpost reported that someone created a Trezor app and one Mr. Phillipe Christodoulou assumed this to be an extension of the Trezor hardware wallet.
Philippe entered private keys in the app and saw his $600,000 worth of bitcoin savings get stolen.
Genuine app morphed into scam portal
Some apps use the indirect route of acting like a genuine app and then slowly morphs into a scamming machine.
By the time the stories of scam get out, they will manage the reputation with some stalling techniques with fake customer support and tickets, etc.,
Once they have scammed enough people, they will rinse and repeat.
Do not save your seed on your cloud
One user got his tokens from a Trust wallet stolen.
What scammers did first was to hack this individual’s google play store, accessed his cloud files and procured the seeds from the cloud drive.
We hear so many stories of the scams that we have written multiple articles to make you aware.
You can find them linked below…
Be careful out there. It’s a virtual wild west.
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