How to Protect Your Crypto: Criminal Group Responsible for Fake Crypto Wallets Arrested in China

How to Protect Your Crypto: Criminal Group Responsible for Fake Crypto Wallets Arrested in China

4 April 2023

The gang has been disseminating installation packages for phony wallet Android Package kit (APK) using well-known chat services.

So let’s examine the problem more closely and talk about how to protect your crypto.

Gangs Used Social Media to Attract Victims.

A group of cybercriminals have been using popular messaging apps like WeChat and Telegram to spread fake wallet APK installers. They even went as far as purchasing search engine advertising to appear like the legitimate TokenPocket website. 

This sneaky tactic lured in victims who unknowingly downloaded the fraudulent wallets, leading to the theft of their cryptocurrency holdings. The gang’s tactics serve as a reminder of the importance of remaining vigilant and thoroughly researching any wallet or platform before trusting it with your digital assets.

The Shanxi police received assistance from the cryptocurrency security company Bitrace in taking action against the gang. The matter will shortly go to trial as the police continue their investigations.

Similar criminal activity has been documented in Zhejiang, Jiangsu, and other regions where gangs impersonated well-known cryptocurrency wallets, including imToken, TokenPocket, MetaMask, and TrustWallet, using the same technique.

How to Protect Crypto Assets

The cryptocurrency stealing game has gotten more sophisticated.As cryptocurrency scams were once easily avoidable, but as time goes on, these scams have become increasingly more complex.

One such tactic is stealing coins from fake wallets. Recently, these scams have leveled up even further with the introduction of the multi-signature technique. 

Unfortunately, this has led to increased victims and even greater losses. So, how to protect crypto assets? Bitrace warns crypto users to take care when downloading wallets and recommends only downloading from reputable sources. 

Also, one important cautionary tip is to steer clear of installing wallet software you receive through Telegram or WeChat groups or from suspicious search engine results. Cybercriminals often use these dubious sources to scam unsuspecting victims. So, be smart and proactive when it comes to working with cryptocurrency.Always stay on the lookout for any red flags and take safety measures to keep your assets secure.

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