Beware! This fake Cardano wallet app is swiftly draining user funds
Recently, users have reported a mobile phishing app that poses as the Nami Cardano wallet in order to steal key phrases and money. The post Beware! This fake Cardano wallet app is swiftly draining user funds appeared first on...
Cryptocurrency wallet scams are becoming more common, as users have reported a mobile phishing app that poses as the Nami Cardano wallet in order to steal key phrases and money.
One such fake wallet was discovered on the Apple App Store and is still downloadable. When a user types in the seed phrase, the app captures the data and relays it to the program’s developers, giving them full access to the ADA stored in the legitimate browser-based Nami wallet.
Nami Cardano Wallet’s warning
For the uninitiated, Nami is a reliable non-custodial browser extension wallet for the Cardano blockchain. The platform has already pinned a tweet that clearly states that it does not have a web wallet or a Telegram channel.
“Beware of scams! Nami does not have a telegram channel nor do we have a web wallet. We do ONLY have a chrome extension. Also, all support messages here on Twitter are scams and fakes. @NamiWallet is the only official account.”
The recent Nami Cardano wallet is a typical phishing method used by notorious dishonest groups to create fake websites and applications and steal money from unsuspecting consumers.
Fake crypto apps becoming a common tool for scammers
Scams using fake crypto apps have become very common and as TheCoinRise reported, the United States Federal Bureau of Investigation or FBI issued a public warning over fraudulent crypto apps in July.
Amid significant network advancements like Ethereum’s The Merge and Cardano’s Vasil hard fork, the scam targeting cryptocurrency wallet and gateway services gained a lot of popularity.
According to a recent survey, phishing attacks involving cryptocurrency increased by 257% annually. Crypto wallets were the most often targeted businesses via apps, and almost 80% of the generic top-level domains (gTLD) identified for phishing were maliciously registered. According to the report’s author Dave Piscitello:
“Cryptocurrency phishing has skyrocketed, especially attacks involving wallets and exchanges. Phishers are applying attack techniques that they’ve used against other financials to virtual currencies with great effect.”
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