Fake app available on Google Play Store steals US$70,000 in cryptocurrencies

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Fake app available on Google Play Store steals US$70,000 in cryptocurrencies
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Recent research revealed that a fake app available on the Google Play Store stole more than $70,000 in cryptocurrencies from approximately 150 users. WalletConnect was the one who reported the scam. The organization is responsible for the protocol that allows secure connections between crypto wallets and decentralized applications (dApps).

In a post on the social network X (formerly Twitter), WalletConnect warned about the malicious application that was masquerading as a legitimate tool.

The Google Play Store removed the app, called “Mestox Calculator,” following discovery. However, before that, the malicious app was available for more than five months, since its launch on March 21, 2024.

According to the cybersecurity company Check Point Research (CPR), responsible for the investigation, the app had more than 10 thousand downloads during this period. Despite the high number, the impact was not even greater because many users did not connect their cryptocurrency wallets to the application.

Fake app steals cryptocurrencies from users

The scam was possible due to the app’s ability to disguise its intentions. Initially, it presented itself as a harmless calculator. This made it easier to pass Google’s review processes. Over time, it went through several changes, until it finally disguised itself as an application linked to WalletConnect, exploiting users’ trust in the brand.

CPR explained that the app behaved differently based on users’ IP address and device type. Depending on these variables, the app redirected users to the back-end of the application. There, the app activated the MS Drainer malicious software. This software drained funds from the cryptocurrency wallets of users who had granted permissions to the app.

One of the scammers’ techniques was advanced social engineering, which included creating fake reviews and using deceptive branding. These tactics helped improve the app’s visibility in searches, leading many users to believe it was a legitimate tool.

Once installed, the app asked users to connect their cryptocurrency wallets and provide permissions to carry out transactions. After approval, the scam developers were able to transfer funds directly from their wallets to accounts controlled by them.

WalletConnect, in turn, reinforced that it does not have an official application. Therefore, he asked users to be aware of possible scams. The company works to prevent new attacks like this from occurring in the future.

Fake app available on Google Play Store steals US$70,000 in cryptocurrencies

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Fake app available on Google Play Store steals US$70,000 in cryptocurrencies

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Fake app available on Google Play Store steals US$70,000 in cryptocurrencies

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