Beware of Fake Crypto Wallets Arising from Bitcoin Price Boom

Hackers are establishing fake digital wallets in order to victimize unsuspecting individuals who want to gain some profits in the booming cryptocurrency industry.

The prices of the cryptocurrencies, particularly Bitcoin, have registered sharp increases during 2017. However, their prices fluctuate regularly and criminals are eyeing to make money from the massive price increases.

According to mobile security firm Lookout vice president of security intelligence, Mike Murray, these kinds of situations are what the criminals are taking advantage of to make free and easy money from the unsuspecting investors.

“Whenever something gets this much publicity and popularity and there’s a potential to make what appears to be free and easy money, the criminal aspects of the world are going to take advantage of it.”

The cybercriminals who want to exploit the investors who are new to Bitcoin and other cryptocurrencies are creating fake virtual currency wallets in order to lure their potential victims.

Since the wallets are needed in order to receive, send, and store digital currencies, prospective investors are required to use them. Eager to invest, they may not be sensible enough to check if the wallets they are using are legit or fake.

According to Murray, they have already identified three fake Bitcoin wallet Android applications (app) in the Google Play Store that trick individuals into sending bitcoins to the accounts of cybercriminals. He claimed that some of the apps had already thousands of downloads. Google, however, has already pulled out the fake apps from its store.

“They were clearly targeted at people who don’t know anything about Bitcoin, went on the Google Play Store, and started installing Bitcoin stuff on their phone.”

In addition to fake apps, cybercriminals are also discreetly installing malware to the computers of unsuspecting owners to mine cryptocurrencies such as Ethereum and Monero.

In fact, hackers have just recently allegedly made at least $100,000 by infecting websites using the WordPress content management system to mine Monero.