Crypto Theft Warning Issued For Billions Of Android And iPhone Users

Malicious apps are being disseminated through bogus websites that resemble reputable wallet services like Metamask and Coinbase, according to experts at cybersecurity research firm ESET.

“You should exercise caution when selecting a mobile app to manage your funds,” Luká tefanko, the ESET researcher who discovered the scheme, said in a statement, adding that the price of bitcoin and other major cryptocurrencies have fallen significantly from all-time highs, “this may be a time to panic and withdraw funds.”

Cryptocurrency values peaked late last year and have since fallen precipitously, despite the fact that crypto holders are bracing for a $10 trillion earthquake.

However, the cryptocurrency price collapse has not deterred hackers. ESET discovered hackers are employing dozens of bogus websites, as well as adverts put on legal websites with deceptive content, as well as Telegram and Facebook to spread malicious programs.

ESET researchers discovered that the scam is now targeting iPhone and Android customers of Coinbase and Metamask in China, but they anticipate the tactics to extend to other regions.

“These malicious applications also pose a concern to victims, since some of them transmit secret victim seed phrases to the attackers’ server through an insecure HTTP connection,” tefanko said. “This implies that the money of victims might be taken not just by the scheme’s operator, but also by another attacker eavesdropping on the same network.”

Earlier this month, the European Union’s securities, banking, and insurance watchdogs issued a united warning to cryptocurrency investors that they risk losing all their money to frauds, repeating previous cautions from US authorities and politicians.

“Consumers stand a very real danger of losing their whole investment if they purchase these assets,” the three EU agencies said in a statement, adding that purchasers “should be vigilant for the risks of deceptive promotions, especially those distributed through social media and influencers.”

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