Fake cryptocurrency wallets promoted through search engine optimization have emerged as a prime tactic for stealing crypto funds from unsuspecting users. Fraudsters create convincing phishing wallet apps containing malicious backdoors to steal deposited assets and mnemonic phrases.
A recent example is fake Bitpie wallets appearing prominently in search results. While appearing legit, URL inconsistencies expose their fraudulent nature. Clipboard hijacking is another common scam where crypto addresses are replaced with malicious ones.
Major crypto hacking and fraud continued in Q3, with 76 reported hacks totaling around $332 million in losses. September saw a record $200 million theft from Mixin Network due to a cloud breach. CoinEx also lost over $53 million from hot wallet hacks.
Users must be vigilant against fake wallet downloads, clipboard tampering, and promises of unrealistic returns. Only download wallets from official sites and double check addresses. As crypto adoption grows, hackers craft more deceptive ways to exploit assets and keys. Caution and security best practices are essential.
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