Curve Finance announced to its 358,100 followers on X (formerly Twitter) the presence of a fraudulent application on the Apple App Store that uses Curve Finance’s logo.
The warning occurs amidst a positive price momentum in the cryptocurrency market, where malicious hackers seek to exploit unsuspecting novice investors.
Curve Finance Declares Fraudulent App Amid Incoming Bull Market
In a post on X, Curve Finance urges its followers to exercise caution amid the currently hyped-up crypto markets, warning of fraudulent applications that could result in financial losses.
“Beware of scams. There is no DeFi “Curve App” on Apple Store, but a fake with our logo was spotted! Stay safe.”
However, amid heightened hype in the crypto market, prices surge as the total market capitalization surpasses $2 trillion. In November 2021, the crypto market cap soared to its highest ever, reaching an impressive $2.92 trillion.
Malicious hackers have been frequently developing imposter apps of reputable brands and crypto exchanges recently, aiming to deceive investors into entrusting their funds to them.
Uptick in Fake Crypto Apps
In November 2023, SlowMist flagged an app posing as Skype, which defrauded a Chinese individual of their crypto. A Chinese collective likely developed the app, embedding malicious code into a downloaded application package (APK). In November 2020, investors pointed out a fake Uniswap app on Google Play. Some victims allegedly lost thousands of dollars to it.
However, Google did not immediately remove the malicious application. Saunders added that someone had already lost $20,000 to the app, which apparently asked for private keys.
At the time, the fake app had over a hundred fake reviews on the Google Play Store, giving the suspicious app a 4.5-star rating. It had been downloaded over a hundred times and was uploaded by a malicious developer.
Source : BeInCrypto by Ciaran Lyons / Feb 15, 2024