The cryptocurrency market is soaring and touching new price highs every other day. The surge in prices has attracted a lot of attention to the crypto space, but with that, it has also given an opportunity to scammers to prey on people’s vulnerabilities. It has been quite a common occurrence that as the popularity of crypto rises, so does the number of scams associated with it.
Recently. Google has delisted two fake cryptocurrency wallet from its official play store which has been there for quite some time now. The two wallets in question are Coin Wallet and Trezor Mobile Wallet. Both the wallets were up on the Play Store for several weeks. Coin wallet had the multiple currencies support, however, all the users received the same wallet address which gave away the scamming nature of the wallet.
Trezor Wallet, on the other hand, tried impersonating the famous hardware wallet Trezor. However, the original company has no mobile applications for the hardware wallet as it consists of multiple layers of security protocols.
Mobile Devices and Applications Have Become the Primary Target
A majority of the world population are hooked to their mobile devices as their daily driver, thus the biggest target for scammers has been mobile applications that people use to get their work done.
In this modern day of digital marketing and social media, getting a positive review and high ratings is not a tough ask, thus it has become increasingly difficult to distinguish the genuine applications from the Ponzi ones. This was not the first time that a fake crypto wallet has been found on Google’s Play Store, however in almost all the cases prior to the current one, these fake wallets used to get reported on the same day they got listed.
There hasn’t been any official note from Google on why it took so long for them to identify the fake wallets, but people should be more cautious and do better research before randomly downloading any crypto wallet from any app store.