Fake Wallet APP Downloads and Malicious Backdoors are Leading Causes of Crypto Loss: Bitrace
One of the leading causes of loss of crypto assets is the download of fake wallet applications from search engines.
Fraudsters take advantage of search engine optimization (SEO) and search engine marketing (SEM) techniques to promote phishing links that lead to counterfeit wallet apps with malicious backdoors, Bitrace said in a recent post.
These fake apps closely resemble legitimate ones in terms of appearance and usage experience, making it easy for unsuspecting users to fall victim.
Once the user synchronizes their mnemonic phrase or deposits assets into the fake wallet, their tokens are lost forever.
A prime example of this type of scam is the fake Bitpie wallet.
A simple search for “Bitpie wallet” yields numerous phishing links on the first page of search engine results.
While the fake wallet’s website may appear identical to the legitimate one, a closer examination reveals inconsistencies in the URL, exposing its fraudulent nature.
Another tactic used by malicious actors to steal coins is clipboard hijacking.
This classic attack involves gaining control of a victim’s computer clipboard and replacing copied cryptocurrency addresses with malicious ones.
Cryptocurrency investors commonly use the Telegram messaging app, which fraudsters exploit by embedding malicious code into fake versions of the app.
Through social engineering techniques, attackers convince users to download or update the fake app.
When a user pastes a blockchain address into the chat box, the malware identifies it and replaces it with a malicious address.
As a result, unsuspecting individuals inadvertently send funds to the attacker’s address, unaware of the scam.
In addition to these targeted attacks, cryptocurrency investment frauds often entice users with
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