Cryptocurrency users have recently been targeted by nefarious actors manufacturing and distributing fake crypto wallets. The criminals have been distributing fake wallet Android Package Kit (APK) installation packages through messaging apps like WeChat, Telegram, and imitating the legitimate TokenPocket website through search engine advertisements.

Recently, a criminal gang was arrested in Shanxi, China for manufacturing and distributing these fake wallets. Bitrace, a cryptocurrency security firm, assisted the Shanxi police in the investigation. Furthermore, similar criminal activities were reported in Zhejiang, Jiangsu, and other areas where gangs adopted the same approach to deceive users by imitating popular cryptocurrency wallets like imToken, TokenPocket, MetaMask, and TrustWallet.

The scam has unfortunately been industrialized and scammers have started to use multi-signature techniques to target more users and increase the amount of stolen funds. For this reason, Bitrace has warned cryptocurrency users to only download wallets from trusted sources such as verified app stores or official websites. Furthermore, users should not download wallet installation packages sent through Telegram or WeChat groups or wallets downloaded from search engines.

The increasing sophistication of these criminal activities requires users to be more aware of the potential risks and take security precautions when trading or downloading wallets. As the crypto space still suffers from hacking activities, users must be particularly cautious when transferring and storing their funds.



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