Fraudulent cryptocurrency wallets allegedly found on the Google Play store

Fraudulent cryptocurrency wallets allegedly found on the Google Play store

Crypto News
November 21, 2018 by XNews Editor 4
91
As per the blog post published on November 13, the malware researcher Lukas Stefanko has discovered four fraudulent crypto wallets on the Google Play store.
Fraudulent cryptocurrency wallets allegedly found on the Google Play store

As per the blog post published on November 13, the malware researcher Lukas Stefanko has discovered four fraudulent crypto wallets on theGoogle Play store. These wallets were allegedly trying to steal the personal information of the users.

These fake apps were impersonating as cryptocurrency wallets for NEO, Tether, and an extension for looming Ethereum, Metamask. Supposedly, the wallets are designed to steal the mobile banking credentials of the users along with the credit card information.

According to Stefanko, the wallets were categorized into two groups out of which one of them is a fake Metamask app that was basically a phishing wallet and other three apps were the fake wallets. Whenever the user installs and launches the app, it asks the user for their private key and password of the wallet.

The blog post has a video included in it in which Stefanko described the research he did regarding the fake wallets stating that the fraudulent NEO app labeled as Neo Wallet has approximately 1000 installs since it was launched in the month of October.

 Reportedly, the fraudulent cryptocurrency wallets did not create a new wallet through producing a public key and private key which are required to send and receive the digital currency securely, but the app just displayed the public address of the attacker and the user has no access to the private key.

The users think that the app produced the public address, so the users allegedly make deposits into the wallets but whenever they tried to withdraw their funds they were unable to do that as the private key was held by the cybercriminal.

Stefanko also stated that the apps were not developed using some particular coding language but were created using the drag and drop method in which no coding knowledge is required. This indicates that anyone can develop a simple fake app to maliciously steal the personal information of the users, once the Bitcoin price hikes.

He further said that he reported about the fake apps on the store to the security team ofGoogle after which the apps were removed from the Play store.


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