A fraudulent fake app impersonating the popular decentralized finance (DeFi) platform Curve Finance has reappeared on Apple’s App Store for the third time this year.
The app is once again targeting unsuspecting users. Despite prior removals and warnings, the app continues to be listed on the store, attracting downloads and ranking prominently in finance categories across various regions.
Fake Crypto App Impersonating Curve Finance Causes Financial Losses for Users
The scam was spotlighted on October 26, after the fake platform gained traction in the Apple app store, ranking among the top 100 finance apps.
The fake app, disguised as a legitimate tool for token swaps and liquidity staking, has reportedly caused users to suffer major financial losses.
According to user reviews, funds have disappeared without explanation, and users report unauthorized withdrawals and unresponsive customer support.
One affected user stated they invested through the app only for their funds to “disappear without a trace.”
The app’s interface closely imitates Curve Finance’s logo and layout, making it appear genuine at first glance.
Babu Lal, co-founder of India-based cybersecurity firm Frautect, raised concerns first on X, calling the app a “global issue” that leads to “trust issues, unnecessary compliance burdens, and sometimes financial liability.”
Lal further explained that the repeated presence of these fake apps erodes trust in the crypto and DeFi sectors, adding, “The Web3 and crypto space is so nascent and early that instances like these push the sector down, fueling the debate around crypto’s legitimacy.”
#ScamAlert: Another fake app is impersonating @CurveFinance on the Apple App Store, just days after the previous one was removed.
Financial institutions and consumers continue to be prime targets. What measures are brands taking to safeguard against these threats? pic.twitter.com/8EKpDMWHbO
— Babu (@pooniawalla) November 5, 2024
Lal’s cybersecurity team has been tracking and reporting these fake apps, noting an uptick in similar scams.
“We’ve identified, reported, and taken down more than 6,500 fake publicly available apps, mostly in the finance category,” Lal stated.
Many of these apps imitate well-known platforms to exploit the growing interest in digital assets, often remaining on major app stores for extended periods before removal.
As a result of this new discovery, Curve Finance cautioned its users to stay vigilant. They have no official app yet and no plan to launch one. Therefore, anything claiming otherwise on either of the App Stores is likely fake.
Fake WalletConnect App on Google Play Steals Over $70,000 from Crypto Users
Similarly, on September 30, IT security firm Check Point Research revealed a crypto wallet drainer app on the Google Play Store that stole over $70,000 from users in five months.
The app was disguised as WalletConnect, a popular protocol linking crypto wallets to DeFi apps. The malicious app used “advanced evasion techniques” to remain undetected and accumulate over 10,000 downloads.
Check Point noted this was the first time wallet drainers exclusively targeted mobile users. Fake reviews and consistent branding boosted its search ranking, helping scam around 150 users.
Not all users were affected; some did not connect their wallets or recognize the scam in time.
Originally, the app was published as “Mestox Calculator,” but the name and appearance changed repeatedly, with a harmless calculator landing page to pass Google Play’s checks.
If a user’s IP and device met certain criteria, they were redirected to the wallet-draining software “MS Drainer.”
Once users connected their wallets, attackers could transfer funds by requesting permissions that allowed them to access assets.
Google has since removed the app, but these types of incidents constantly remind us of the need for heightened vigilance when connecting wallets to mobile apps.
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#DeFiNews #Curve #Dapp [Source: CryptoNews]