- A fake “crypto wallet drainer” app has stolen over $70,000 from more than 10,000 victims
- The fraudulent app pretended to fix Web3 wallet compatibility issues
- It took advantage of the lack of an official WalletConnect app on Google Play
A fake crypto wallet app available on Google Play may have stolen over $70,000 from unsuspecting users who downloaded it. Over 10,000 downloads of the unfortunate victims who fell into the trap of a sophisticated scam, the first in the world to target only mobile devices.
WalletConnect: A Crypto Wallet Drainer?
The fake application on Google Play targeted only mobile users.
The malicious app, called WalletConnect, was a copy of the well-known and trusted WalletConnect protocol. In reality, however, it was a sophisticated scheme to drain funds from crypto wallets.
The scammers used the fraudulent app to deceive over 10,000 users who downloaded it. The scam was identified by analysts from Check Point Research (CPR), the cybersecurity company that revealed the details of the deception.
The scammers advertised the fake app as a solution to Web3 problems and they were well aware of the typical difficulties users face on Web3.
For example, they promoted solutions to known compatibility issues and the lack of support the original WalletConnect encounters among various wallets.
The fake app was downloaded over 10,000 times and had been active on Google Play since 2024 – Source: Check Point Research (CPR).
They capitalized on these issues by offering a fake app capable of solving these problems. They also took advantage of another important factor: there is no official WalletConnect app on the Play Store.
They then dressed up the deception with a series of fake positive reviews. The app appeared legitimate in every way to unsuspecting users.
Conclusion
In conclusion, the fake WalletConnect app on Google Play exploited users’ trust and the challenges of Web3 to steal crypto funds from thousands of people. This episode highlights the importance of always verifying the legitimacy of apps and staying alert to scams in an ever-evolving market.
