Fake Cardano Wallet Phishing for New Bait

  • Crypto-focused phishing attacks have made their way to Apple’s App Store
  • Nami is a legitimate non-custodial browser extension wallet
  • ADA Price at the time of writing – $0.3664

Users have reported a phishing application for mobile devices posing as a Nami Cardano wallet 

designed to steal seed phrases and funds. Crypto wallet scams are on the rise.

The counterfeit wallet can still be downloaded after being discovered on Apple’s App Store. The app steals the user’s data and sends it to app developers if the user enters the seed phrase. 

This gives the user direct access to the ADA that is held in the actual browser-based Nami wallet. Nami is a legitimate non-custodial browser extension wallet for the Cardano blockchain for the uninitiated.

Phishing attempts related to crypto rose by 257%

The platform had previously pinned a tweet to clarify that they do not have a web wallet or Telegram channel. Fake applications and websites are a common method of phishing used by criminals to steal money from innocent users.

During significant network developments like Cardano’s Vasil hard fork and the Ethereum Merge, the scam targeting crypto wallet and gateway services gained considerable traction.

In a complex Uniswap phishing attack earlier this year, hackers stole $8 million.

A more recent study revealed a 257% increase in crypto-related phishing attempts year over year. 

About 80% of the phishing domains reported for generic top-level domains (gTLDs) were registered maliciously, and crypto wallet brands were the most frequently targeted.

Cryptocurrency phishing has skyrocketed, especially attacks involving wallets and exchanges, the report’s author, Dave Piscitello, stated. 

Phishers are successfully targeting virtual currencies with the same attack strategies they employ against other financial instruments. Scammers use phishing to trick people into giving them personal information by posing as legitimate businesses.

Additionally, phishing emails may include a link to a phony website that looks like an existing platform, luring victims to enter their personal information only to have it stolen.

ALSO READ: Government-backed metaverse city launched by Multiverse Labs

How to Avoid Scams 

Before investing in cryptocurrency or DeFi, it is essential to fully comprehend the risks. Therefore, you may require the following general security measures:

Two-factor authentication, or 2FA, is a security measure that requires a user to enter their password and send a text or email to a verified account. Breaking into an account will require access to a mobile device or email, even if a bad actor obtains the password.

Complete research Before taking any action. It is recommended to participate in projects involving thriving communities and, even then, to conduct additional research. 

Another thing to keep an eye on is listing platforms. A project’s or token’s website, marketplace, white paper, and listed developers or founders should also be investigated by investors as a starting point.

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