Token

Connect Token

Foundation

Security

<p>WalletConnect Foundation has confirmed the removal of a scam app using its name from the Google Play Store. The malicious app that was disguised as a WalletConnect service scammed users and was able to steal $70,000 from the hack.</p> 
<p>Moreover, apps such as WalletConnect are meant to inform users about its activities and developments WalletConnect has not developed any official app of its own. Users are advised to be extra careful while downloading apps.</p> 
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   <p lang="en" dir="ltr">The WalletConnect Foundation is aware of a recent scam where bad actors developed a malicious app that exploited the WalletConnect name and was available on the Google Play Store. The app has been removed from Google Play Store. The Foundation reminds everyone that there is no…</p>— WalletConnect (@WalletConnect) <a href="https://twitter.com/WalletConnect/status/1840503480081068209?ref_src=twsrc%5Etfw">September 29, 2024</a>
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<h2 class="wp-block-heading" id="h-malicious-app-bypasses-google-play-security"><strong>Malicious App Bypasses Google Play Security</strong></h2> 
<p>This fake app, “Mestox Calculator,” was introduced in the Play Store in early March. It employed its complex methods for over five months, deceiving over 150 users. The app was successfully able to get by Google’s strict security measures by disguising itself as a regular calculator.</p> 
<p>After being installed, the app then led users to software known as MS Drainer which is programmed to pilfer cryptocurrency. Through a feature of the app, the users were requested to link their wallets, and the funds were being expelled without permission. The affected individuals are those who linked their&nbsp;<a href="https://www.thecoinrepublic.com/2024/04/28/wasabi-phoenix-exit-us-market-over-wallet-regulations/">wallets.</a></p> 
<p>More than 10,000 downloads have been achieved aided by fake reviews and branding tactics to rank high in search results. Users were prompted to grant permissions under the guise of “verifying” their wallets, allowing attackers to transfer funds. Over $70,000 was taken before it was released from the app store.</p> 
<p>This incident marks the first time a crypto wallet drainer app has exclusively targeted mobile users. The success of the&nbsp;<a href="https://www.thecoinrepublic.com/2020/09/06/phishing-scams-continue-to-take-place-with-electrum-wallet-users/">scam</a>&nbsp;can also be regarded as indicating a new dangerous trend for owners of cryptocurrencies by using mobile applications. As users connect wallets to proposed apps, they are urged to ensure the apps are real.</p> 
<h2 class="wp-block-heading" id="h-walletconnect-network-launches-token-airdrop-amid-scam-incident"><strong>WalletConnect Network Launches Token Airdrop Amid Scam Incident</strong></h2> 
<p>However, despite the latest security issue, WalletConnect has now officially unveiled its native coin called the Connect Token (WCT). This creates an opportunity for the users to sign up and join the increasing on-chain community. The WCT token is not just in development but has the purpose of decentralizing WalletConnect Network and the community as well.</p> 
<p>WalletConnect was founded in 2018 and has emerged as a foundational layer for web3 applications. The network currently supports over 150 million connections for well over 23 million users across the world. WalletConnect has grown and has monthly active users of more than 4,000,000.</p> 
<h2 class="wp-block-heading" id="h-network-expansion-and-security-measures"><strong>Network Expansion and Security Measures</strong></h2> 
<p>As WalletConnect transitions towards decentralization, node operators and contributors play critical roles in the network’s future. These stakeholders will work together to improve, as well as secure, the network’s scale and usefulness.</p> 
<p>Currently, the WalletConnect Network controls more than $2 trillion in on-chain transactions, suggesting that it remains secure. The Foundation also remains active in promoting and working with the industry to combat scams and reduce the overall risks. The safety measures encourage users to exercise optimum security measures and alertness when dealing with the assets.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/09/30/walletconnect-warns-users-after-70k-stolen-in-fake-app-scam/">WalletConnect Warns Users After $70K Stolen in Fake App Scam</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

WalletConnect Warns Users After $70K Stolen in Fake App Scam

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