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Warning: Fake Cardano Mobile Wallet Is Stealing Users' Funds

Fri, 10/14/2022 - 10:12
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Arman Shirinyan
Users should be cautious when downloading mobile wallets
Warning: Fake Cardano Mobile Wallet Is Stealing Users' Funds
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According to numerous social media reports, scammers have created what looks like an official Nami Cardano wallet for mobile devices but in fact acts as a phishing application that steals users' seed phrases and funds.

After downloading the application, users are asked to type in their seed phrase from the browser-based Nami wallet, which looks like an ordinary procedure when creating a wallet on a different device. However, that is not the case here.

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Instead of giving access to users' funds, the app steals the data and sends it to app developers, providing them with direct access to Cardano held on the legit browser-based Nami wallet.

The appearance of the application on the marketplace has nothing to do with the developers of the official browser solution by Nami. Unfortunately, the fake wallet is still available for downloading on the platform, which means more users will become victims of hackers.

The scheme used by the application is a common way of stealing digital assets. By creating fake applications or web services, developers make people believe that they are using authentic solutions and transfering sensitive data that gives access to funds.

Previously, Twitter scammers were using phishing links in the comments sections of popular influencers. Once users proceeded to the website, they ended up on the page where they were promised more than a 100% profit for simply sending a certain amount of coins to an address.

More sophisticated scammers asked users for their wallet details with the promise of sending them additional funds. Obviously, nothing has been sent to the victims, and the funds in their wallets were transferred immediately. Due to the decentralized nature of blockchains, it was impossible to get the funds back.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.

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