Crypto scam Alert: Scammers Are Cloning Authenticity of Web3 Wallets 

A cluster of malicious activity involving distributed wallet apps has been discovered by Confiant, an advertising security firm, allowing hackers to obtain private seeds and get access to users’ assets via backdoored counterfeit wallets. 

Metamask is target

Hackers are growing more innovative when it comes to creating attacks to take advantage of bitcoin users.

Confiant classified the cluster, called “Seaflower,” as one of the most sophisticated strikes of its type. 

The programs are spread via duplicating reputable websites, giving the user the impression that they are downloading authentic software.

Web3-Enabled Wallets, such as Metamask, are targeted by a malicious cluster.

Confiant, a business committed to assessing the quality of advertisements and the security risks they may represent to internet users, has issued a warning about a new type of assault on Users of popular Web3 wallets like Metamask and Coinbase Wallet are affected.

Ordinary users will not be able to detect these apps, according to the study, because they are remarkably comparable to actual apps but have different code that allows hackers to take the seed words from the wallets, giving them access to the money.

How to be safe from crypto scams?

According to the survey, these apps are largely delivered outside of traditional app stores, via links identified by users in search engines like Baidu.

Because of the languages used in the code comments, as well as other criteria such as infrastructure location and services used, the investigators assume the cluster is Chinese.

Due to the careful administration of SEO optimizations, the URLs of these applications reach famous locations in search sites, allowing them to rank high and deceiving people into thinking they are visiting the actual site. 

The complexity of these programs derives from the way the code is hidden, which obscures much of the system’s functionality.

The Metamask impostor uses a backdoored program to send seed phrases to a remote site as it is being built, and this is the major attack vector.

For other wallets, Seaflower uses a similar attack vector. 

Experts have presented a number of pieces of advice for keeping wallets safe on mobile devices. 

These backdoored apps are only available for download outside of app stores.

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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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