The rising prominence of cryptocurrency and blockchain technology has garnered a lot of attention around the world. Digital coins are increasingly becoming the talk of the town, and despite having concerns about the regulatory mechanism and their volatility, adoption of cryptocurrencies are witnessing an overall positive trend. Investors are upbeat about the healthy return of digital coins, and the net worth of investment in the crypto industry is heading towards the north.
Rising Security Concerns
However, this meteoric rise in crypto fortunes has also attracted a few scamsters who are finding this opportunity too tempting to miss. Not only these cheats are scamming the investors through various online frauds, but their fraudulent activities have also proliferated into other mediums of cryptocurrency trading. Take, for instance, cryptocurrency mobile wallets which are increasingly becoming popular among the masses. These wallets are easy to operate, and their convenience lies in the fact that you can use them from your mobile phone. Dupers are exploiting this fact of convenience and pulling a fast one on users by offering fake cryptocurrency mobile wallets.
Google Play Store and crypto wallets
On the Google Play store, investigators have found two fake crypto wallets – Coin Wallet and Trezor Mobile Wallet. Both these cryptocurrency wallets were available to download for many past weeks, and their malicious nature was completely unknown till now. But once discovered, Google acted promptly, and now both of these wallets have finally been removed from the Play Store.
The first fake crypto wallet, Coin Wallet claims to have support for 13 different kinds of digital assets, tokens, and cryptocurrencies. The catch in the process, however, is the fact that all the users who downloaded the wallet get the same address of wallet irrespective of the cryptocurrency they have chosen. This put the users on a huge risk of losing their money and investment. The suspicion of stealing funds case of second fake wallet, Trezor Mobile Wallet was not very high as the application has got built-in safety measures, thwarting the possible breach in the security mechanism. Still, the sensitive information of the users like their contact details, email address, and other allied information was found to be at risk.
This is not the first instance when some fake cryptocurrency wallets have appeared on Google Play Store, but the surprising bit here is the fact that these wallets have been able to remain on the store for such a long time. Usually, these kinds of fake applications are taken down on the same day they appear on the Play Store, but these wallets have been able to remain on board for weeks which is a quite surprising fact in itself. Taking a larger perspective, it is very clear that these kinds of activities have been accelerated in recent times solely because of the rising popularity of cryptocurrencies. It is recommended that before you download any such application; make sure you access its credentials fully. In case of any doubtful scenario, keep away from downloading any to save you from various kind of financial troubles and data privacy issues.