The prominent blockchain security firm Bitrace has disclosed that the proliferation of counterfeit wallet apps downloaded through search engines is a leading cause of cryptocurrency losses. The firm revealed this finding in a recent report underscoring the “disappearing coin” phe...
- Bitrace disclosed that counterfeit wallet apps downloaded through search engines is a leading cause of cryptocurrency losses.
- Search engine phishing links and fake wallet apps mimic legitimate ones, putting users at risk.
- Malicious backdoors in messaging platforms like Telegram redirect crypto funds.
The prominent blockchain security firm Bitrace has disclosed that the proliferation of counterfeit wallet apps downloaded through search engines is a leading cause of cryptocurrency losses. The firm revealed this finding in a recent report underscoring the “disappearing coin” phenomenon, which crypto investors often lamented.
Bitrace argued that search engines provide a thriving environment for spreading deceptive websites, with fraudulent actors employing search engine optimization (SEO) and search engine marketing (SEM) techniques to propagate phishing links. It was noted that when users conduct searches using specific keywords, they may unwittingly click on links that lead them to download counterfeit crypto wallet applications with hidden vulnerabilities.
The fraudulent applications closely mimic the appearance and functionality of legitimate ones. Ho…
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