13 apps removed after researchers uncover Trojan crypto wallet scheme

13 apps removed after researchers uncover Trojan crypto wallet scheme

Research by cyber security firm ESET has uncovered a “sophisticated scheme” that disseminates Trojan apps disguised as popular cryptocurrency wallets.

The malicious scheme targets mobile devices using Android or Apple (iOS) operating systems which become compromised if the user downloads a fake app.

Our top trading bots

According to ESET's research, these malicious apps are distributed through bogus websites, and imitate legitimate crypto wallets, including MetaMask, Coinbase, Trust Wallet, TokenPocket, Bitpie, imToken, and OneKey.

The firm also discovered 13 malicious apps impersonating the Jaxx Liberty wallet, available on the Google Play Store. Google has since removed the offending apps, which were installed more than 1,100 times, but there are still many more lurking out there on other websites and social media platforms.

The threat actors disseminated their wares through social media groups on Facebook and Telegram, intending to steal crypto assets from their victims. ESET claims to have uncovered “dozens of trojanized cryptocurrency wallet apps,” going back to May 2021. It also stated that the scheme, which it believes is the work of one group, was primarily targeting Chinese users via Chinese websites.

Lukáš Štefanko, the researcher who unraveled the scheme, said that there were other threat vectors, such as sending seed phrases to the attacker’s server using unsecured connections, adding:

“This means that victims' funds could be stolen not only by the operator of this scheme but also by a different attacker eavesdropping on the same network.”

The fake wallet apps behave slightly differently depending on where they are installed. On Android, it targets a new cryptocurrency that the user may not have previously traded, prompting the user to install the appropriate wallet. While on iOS the apps need to be downloaded using arbitrary trusted code-signing certificates circumnavigating Apple’s App Store. This means that the user can have two wallets installed simultaneously, the genuine one and the Trojan, but poses less of a threat since most users rely on App Store verification for their apps.

Related: Hodlers beware! New malware targets MetaMask and 40 other crypto wallets

ESET advises cryptocurrency investors and traders to only install wallets from trusted sources that are linked to the official website of the exchange or company.

In February, Google Cloud unveiled the Virtual Machine Threat Detection (VMTD) system, which scans for and detects “cryptojacking” malware designed to hijack resources to mine digital assets.

According to a January Chainalysis report, cryptojacking accounted for 73% of the total value received by malware-related wallets and addresses between 2017 and 2021.

Keep reading upon Cointelegraph
Celo foundation proposes to deploy Uniswap V3 on its native blockchain
A new community proposal was introduced in the Uniswap governance forum to deploy the protocol on the Celo blockchain, which is a mobile-first, carbon-negative...
3 things every NFT investor should know to avoid a tax nightmare
2021 will be remembered as the year of nonfungible tokens (NFTs). In a year where names like Beeple and Bored Ape Yacht Club dominated the headlines, it’s...
Ubisoft launches Ubisoft Quartz platform for playable and energy-efficient NFTs
French video game publisher Ubisoft announced its first foray into nonfungible tokens (NFTs) via a new platform called Ubisoft Quartz to launch in beta...
Proposed Australian exchange licensing could stifle competition: Kraken
With crypto regulation reportedly set to ramp up in Australia over the next 12 months, Kraken Australia’s Managing Director Jonathon Miller thinks that...
Aussie crypto companies keen to embrace regulations, says senator
Australian Senator for New South Wales Andrew Bragg has asserted that robust regulations would “bring credibility and validity” to the country’s emerging...
3 reasons why Harmony (ONE) rallied to a new all-time high
Ecosystem development funds have become one of the latest market-moving trends in the crypto sector and protocols with large treasuries have discovered...
Bitcoin Climbs, but Bumpy Ride Ahead as Leveraged Bets Remain Elevated
By Yasin EbrahimInvesting.com – Bitcoin rose 4% Monday as dip-buying prevailed following its recent pullback, and the latest data on its blockchain suggest...
Price analysis 10/15: BTC, ETH, BNB, ADA, XRP, SOL, DOT, DOGE, LUNA, UNI
Bitcoin (BTC) rose within a few steps of $63,000 today for the first time since April 18. The recent surge in the price may have been caused after various...
Beyond Bitcoin: The future of digital assets is bigger than the first crypto
While change is guaranteed, the scale and scope of that change are not. For the financial industry, blockchain — the technology that undergirds Bitcoin...
Cause and effect: Will the Bitcoin price drop if the stock market crashes?
The year 2009 was marked by both the genesis of Bitcoin and the United States stock market starting an unprecedented bull market — one that’s continued...
Get a passport, pay crypto, live tax-free?
Way back in 2014, the United States Internal Revenue Service (IRS) ruled that cryptocurrency is property in Notice 2014-21. That classification as property...
DAOs prepare to face off: Would vigorous IP battles be good for DeFi?
Curve Finance, a decentralized exchange for stablecoin trading, is one of the world’s largest decentralized autonomous organizations (DAO), with $6.5 billion...
Coinbase to raise $1.25B via debt securities for institutional investors
United States-based cryptocurrency exchange Coinbase seeks to raise $1.25 billion in funds through a proposed private offering for institutional buyers. According...
Glassnode predicts BTC rally as stablecoin supply tags record highs
The circulating supply of the four-largest stablecoins has spiked to new all-time highs, suggesting buyers could soon spark another leg up for the Bitcoin...
Nasdaq Will Launch Bitcoin Futures Next Year, Confirmed
Last year December two significant exchanges — CME and Cboe — launched bitcoin-based futures, causing the currency’s price to soar till $20,000 and then...