Malicious Apps Compromised Over 13k Android and iOS crypto wallets

Recent reports signal that over 13,000 Android and iOS crypto wallets have been compromised by a malicious app, as highlighted by SlowMist, a blockchain security firm.

This issue is part of a broader trend of increasing cyber threats in the crypto space. Malicious apps, often found in both Google Play and Apple's App Store, can exploit vulnerabilities to steal sensitive information, such as private keys and mnemonic phrases, allowing attackers to drain crypto wallets.

Users are advised to avoid downloading unknown apps and to secure sensitive data to prevent such thefts.

Developers initially submit benign versions of apps to pass security checks. Later, they update the apps with malicious code from external servers, bypassing official update mechanisms.

Malicious apps are released as beta versions with limited functions, hiding their true nature until they are downloaded and updated.

Malware is encoded to evade detection by security software, making it difficult to identify as harmful until it activates.

Some apps remain dormant for a period to avoid raising suspicion before activating their malicious functions.

The specific techniques used to compromise crypto wallets often involve a combination of social engineering, malware, and exploitation of vulnerabilities.

Attackers use tactics like "ice phishing" to trick users into signing malicious transactions, often by luring them to fake websites that mimic legitimate services.

Malware can record keystrokes or steal private keys when users enter them into crypto wallet apps. Techniques include keylogging, overlay attacks, and over-the-shoulder attacks.

Hackers exploit weaknesses in apps or backend services, such as hardcoded API keys, to gain unauthorized access.

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