Bitcoin exchange apps are risky claims new report

Monday, January 29, 2018

Cybersecurity company issues warning that over 600 fraudulent cryptocurrency apps can be found on leading app stores.

RiskIQ claims that the app stores are hosting 661 blacklisted Bitcoin apps which leave users open to hackers. They analyzed 18,408 apps across 20 app stores (mostly Android based), but including Apple, Google Play, SameAPK, and APKPlz.

Fabian Libeau, EMEA VP of RiskIQ, warned anybody considering downloading such software to be extremely cautious and to research each app.

He said, “We are seeing threat actors around the world exploiting what is already a hostile currency in a lawless digital world. 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.”

Monitoring 10 of the popular Bitcoin exchanges in the app title. They found a staggering 661 to be blacklisted by official cybersecurity vendors (3.6 percent of total) - but still available for download by users.

The top stores guilty of hosting these potentially dangerous apps were:

Google Play (272)

ApkFiles (54)

9Apps (52)

They research from RiskIQ showed almost 3 percent of apps with “Bitcoin exchange” in the title were blacklisted, as well as 2.6 percent using “Bitcoin wallet” and 2.2 percent listed as “cryptocurrency.”

Hackers behind the blacklisted apps, which have been blacklisted by one or more cybersecurity vendors, can trick users into handing over large sums of money or personal details for financial gain.

The rise in unofficial and potentially malicious apps across multiple app stores will alarm potential investors looking to buy into Bitcoin.