Despite multiple removals, a fake Curve Finance app has returned to Apple’s App Store, with user reports of financial losses continuing to grow.
The fraudulent app, posing as the well-known decentralized finance (DeFi) platform Curve Finance, has reappeared in the Apple App Store for the third time this year, once again targeting unsuspecting users.
Repeated Warnings and Persistent Downloads
Despite previous warnings and removals, the app keeps resurfacing in the App Store, attracting downloads and reaching high rankings in finance sections across various regions.
Financial Losses and Security Concerns
The app masquerades as a legitimate tool for token swaps and liquidity, leading to numerous reports of financial losses and security concerns from user reviews.
Babu Lal, co-founder of the Indian cybersecurity firm Frautect, told Cointelegraph that the fake app represents a “global issue” that causes “trust issues, compliance burdens, and sometimes financial liability.”
User Losses on the Rise
The fake app, mimicking the logo and interface of Curve Finance, falsely promises token swap and liquidity functions to attract users. However, users report unauthorized withdrawals, missing funds, and unresponsive customer support. One user shared that they invested through the app, “but everything disappeared without a trace.”
Reports of financial losses have led to a wave of one-star reviews, warning others of the risks. Despite these fraud reports, the app remains available in the Apple App Store.
Rise of Fake Crypto Apps
The reappearance of the fake Curve Finance app is just one case in a larger trend, as more fraudulent crypto-related apps fill the Apple App Store and Google Play, often under false branding.
Lal explained that the crypto and Web3 space is “still in an early phase, and cases like this undermine trust in the entire sector, raising questions about the legitimacy of cryptocurrencies.”
The co-founder of the cybersecurity firm told Cointelegraph that they have already “identified, reported, and removed” over 6,500 fake apps, primarily in the finance category.
Need for Increased App Store Security
Despite user reports, warnings from security experts, and efforts to limit the spread, deceptive apps continue to reappear, putting users at risk of fraud.
Lal describes the situation as “a new modus operandi every day,” warning that without enhanced security measures, the problem will only worsen.
The persistent appearance of fake Curve Finance and other fraudulent apps in the Apple App Store and Google Play highlights the urgent need to bolster user protection and address ongoing vulnerabilities.
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