Web3 fake wallet scams are frequent, and scammers use various methods to induce users to download fake apps. Once users log in and use them, they will find that their assets have been stolen. Some scammers will also package the excuse of investment to further induce users to deposit more assets. Such scams are still active.

Scammers often create fake digital wallet applications and publish them to app stores. These fake applications may impersonate well-known digital currency wallets and are promoted through search engine ads, social media platforms, fake information websites, etc. to attract users to download and use them, but in fact they may be malware that steals users' private keys or login credentials.

Comparison of real and fake wallet download channels

Up to now, BitJungle has continuously received requests for help from multiple victims of fake wallets. The cumulative losses of fake wallet cases handled have reached 140 million yuan, with the highest loss amount in a single case being 200 BTC.

BitJungle has analyzed many fake wallet fraud cases, tracked the direction of stolen funds, and further understood the scam implementation routines and the characteristics of the scam to transfer stolen funds. The figure below shows the on-chain fund transfer path starting from a scammer.

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Currently, this scam is still active and even has a tendency to expand. We remind users again to always be skeptical and verify through official verification channels when necessary.

How to Avoid Fake Wallet Downloads:

  • Download from official channels: Download wallet apps only from official app stores (such as Apple App Store, Google Play Store, etc.) or official websites whenever possible. Avoid downloading apps from third-party websites or unknown sources, as these sources may provide fake or modified apps.

  • Verify the app developer: Before downloading an app, make sure to check the identity and reputation of the developer. Developers of official wallet apps usually have their identity information publicly available on the app store or official website, and usually have a reputation in the community or forums.

  • Check reviews and comments: Before downloading an app, check out reviews and comments from other users. Genuine wallet apps will usually have many positive reviews, while fake or unsafe apps may have negative reviews or warnings.

  • Be careful when clicking on links: Avoid clicking on links from unknown sources or suspicious links, especially via email, text messages, or social media. These may be phishing attacks designed to trick users into downloading malware.

  • Education and Awareness: Regularly raise awareness about cybersecurity and wallet security, learn how to identify and avoid online scams and malware attacks.

If you have used a fake wallet and suffered losses, please contact us immediately. (Contact information is at the bottom of the article)

Follow BitJungle’s official account and Twitter, we will continue to follow up on the progress of the wallet case and security risk warnings.