The price of Bitcoin is steadily surging in May and hackers are looking to cash in on the uptick with fake cryptocurrency apps, malware and other related scams.
In May 2019, Bitcoin prices climbed to their highest points this year, with the popular cryptocurrency being worth $8,300 (its highest valuation since September 2018) for one bitcoin. That has malicious actors on the prowl and hungry to attack cryptocurrency investors using a slew of scams, malicious apps, malware and cryptojacking campaigns.
“Not surprisingly, cybercrooks were quick to notice this development and started upping their efforts in targeting cryptocurrency users with various scams and malicious apps,” said Lukas Stefanko, researcher with ESET, on Thursday.
In a recent example, ESET researchers on Thursday said that they have spotted fake apps impersonating cryptocurrency wallets – including Trezor and Coin Wallet – looking to fool cryptocurrency users on Google Play. Both apps have since been removed from Google Play.
One such app on Google Play was impersonating Trezor, a popular cryptocurrency wallet that requires physical authentication via PIN to access stored cryptocurrency. While Trezor’s official app is called “Trezor Manager,” researchers recently discovered a malicious app, called “Trezor Mobile Wallet,” which touted Trezor’s official branding, developer name, category and description.
After installation, the fake app appears on the victim’s phone as “Coin Wallet,” and once launched, the app shows attempts to phish for credentials (email and password).