According to Cointelegraph, a fraudulent application mimicking the decentralized finance platform Curve Finance has reappeared on Apple's App Store for the third time this year, once again targeting unsuspecting users. Despite previous warnings and removals, the app continues to infiltrate the App Store, gaining downloads and achieving high rankings in finance categories across various regions.
The app, masquerading as a legitimate tool for token swaps and liquidity staking, has led to numerous reports of financial losses and security concerns from user reviews. Babu Lal, co-founder of the India-based cybersecurity firm Frautect, highlighted the global nature of this issue, which has resulted in trust issues, unnecessary compliance burdens, and sometimes financial liability. Users have reported unauthorized withdrawals, disappearing funds, and unresponsive customer support, with one user stating their investment vanished without a trace. Despite the flood of one-star reviews warning others about the risks, the app remains available on the Apple App Store.
The resurgence of the Curve Finance scam app is part of a broader trend, with more fake crypto-related apps appearing on the Apple App Store and Google Play, often impersonating reputable brands. Lal explained that the nascent Web3 and crypto space is vulnerable to such scams, which fuel debates around the legitimacy of cryptocurrencies. He revealed that his firm has identified, reported, and taken down over 6,500 fake apps, primarily in the finance category.
Despite numerous user reports, warnings from security experts, and even takedowns, deceptive apps continue to reappear, putting users at risk of exploitation. Lal described the situation as a daily emergence of new fraudulent methods, spiraling out of control without improved security measures. The persistence of fake Curve Finance apps and other scam applications on the Apple App Store and Google Play underscores a growing need for enhanced user security and highlights vulnerabilities that require urgent attention.
