UPDATED 21:21 EDT / JANUARY 24 2018

EMERGING TECH

Hundreds of blacklisted bitcoin apps found in major app stores

Hundreds of blacklisted bitcoin apps have been discovered in major app stores as scammers continue to target cryptocurrency users, according to a new report today.

The finding comes from RiskIQ Inc., which analyzed 18,408 apps across 20 app stores and discovered 661 apps blacklisted by official cybersecurity vendors in stores, including Google LLC’s Play and Apple Inc.’s App Store. The apps used the names of the top 10 bitcoin exchanges in their titles. Some 272 were found in Google Play alone, by far the largest number of any app stores analyzed.

Across the total number of apps analyzed, 3 percent of blacklisted apps included the term “bitcoin exchange,” while 2.6 percent used “bitcoin wallet” and 2.2 percent used the term “cryptocurrency.” The apps were primarily found to be used by hackers to trick users into handing over large sums of money or personal details for financial gain.

“We are seeing threat actors around the world exploiting what is already a hostile currency in a lawless digital world,” Fabian Libeau, EMEA vice president at RiskIQ said in a statement. “Before handing over any cash or personal data, investors should carry out thorough research into the exchange and wallet apps they intend to use. By checking the developer’s name, user reviews and the number of app downloads, investors can measure the validity of an app and be more confident in their choice.”

This isn’t the first time fake bitcoin and cryptocurrency apps have been found in major app stores, but it is the highest number found to date. Hackers targeted iOS users with a number of fake apps in August 2016 as bitcoin started to seriously take off, while other fake apps were discovered in Google Play in October and December 2017.

Bitcoin has come off record highs of over $19,000 to trade around the $11,000 price range this week. But that price, still up over 1,000 percent from Jan. 1, 2017, continues to make bitcoin an attractive target for hackers.

Photo: zcopley/Flickr

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