Crypto News :
Chinese police in the province of Shanxi have apprehended a criminal gang involved in the creation and distribution of counterfeit cryptocurrency wallets.
The group was found to be distributing fake Android Package Kit (APK) installation packages via popular messaging apps. To deceive their victims, the gang used social media to entice them and purchased search engine advertising to make their fraudulent TokenPocket website appear legitimate.
Once they downloaded the fake wallets, users lost their cryptocurrency assets. Bitrace, a cryptocurrency security firm, worked with the Shanxi police to crack down on the gang.
The investigation is ongoing, and the case will be heard in court soon. Similar criminal activities have been reported in other parts of China, such as Zhejiang and Jiangsu, where gangs have used the same method to create counterfeit cryptocurrency wallets imitating popular wallets like MetaMask, TrustWallet and TokenPocket.
How to safeguard your crypto assets
The act of stealing cryptocurrency from fake wallets has become a sophisticated industry, with scammers continuously improving their techniques to pilfer digital assets. Recently, these criminals have employed a new multi-signature tactic, resulting in a sharp rise in the number of victims and the overall amount of stolen funds.
To safeguard against such attacks, Bitrace, a cryptocurrency platform, has reminded users to only download wallets from official app stores or websites. It is also recommended that users steer clear of wallet installation packages that are sent through messaging apps like Telegram or WeChat, or from search engines, in order to prevent the theft of encrypted assets.
Given the increasing complexity of these criminal activities, it is crucial for cryptocurrency users to remain vigilant when dealing with their digital assets.
It is important to be aware of potential risks and to take precautions such as carefully scrutinizing transactions and only downloading wallets from trusted sources. By staying informed and cautious, users can help protect themselves from falling prey to cryptocurrency scams.
