iPhone and Android users risk losing their cryptocurrencies
The research echoes earlier warnings from regulators about the risk of cryptocurrency
A new study has found that Android and iPhone users are at risk of having their cryptocurrencies stolen through a “complex malicious cryptocurrency scheme.”
The cyber security company, ESET, found that malicious applications imitating Coinbase American company operating a platform for the exchange of cryptocurrencies. and Metamask are growing in turnover.
ESET has found that hackers are now using fake websites with ads placed on legitimate sites to distribute malicious applications. They also use Telegram and Facebook for these purposes.
MetaMask and Coinbase wallet users in China are the main target, but it’s only a matter of time before it spreads to other countries. According to Lukasz Stefanko, the ESET researcher who uncovered the scheme, it’s important that people be careful about which mobile app they use to manage their funds.
Since digital asset prices are mostly below their ATH, some would expect hackers to be less interested in digital assets. But that didn’t stop them from taking advantage of the panic withdrawals amid the market crash.
These applications pose an additional threat because some of them use insecure HTTP connections to send the victim’s passphrase to attackers’ servers. This makes it easy for those behind the scheme and any other eavesdroppers to steal the victim’s funds.
The research echoes earlier warnings from regulators about the risk of cryptocurrency. Earlier this month, the European Union’s securities, banking, and insurance watchdogs warned that crypto investors could lose all their money. They added that crypto investors should be aware of the risks of investing in this space.
MetaMask Releases New Integrations for iOS
In another development, MetaMask, the popular Ethereum wallet, has rolled out a new payment gateway for its mobile app. According to available information, iPhone users would now be able to use Apple Pay to buy cryptocurrencies using their credit or debit card connected to the wallet.
Until now, MetaMask has depended on Transak and Wyre for its card transactions. However, the new update will now allow users to use their cards stored in Apple Pay to buy ETH and top up their wallets with up to $400 daily.
This means that there is little to no need for users to first transfer their Ethereum holdings from a centralized exchange to a metamask wallet.
ConsenSys website is a blockchain technology company that offers developer tools alongside enterprise solutions. The Ethereum-owned tool has announced the v4.3.1 update, which includes features like dark mode, an aesthetic feature that most apps have been adding lately. As well as an improved security feature that protects users when sending tokens and interacting with contracts.