A fake Rabby Wallet app on the App Store and a security breach on the FixedFloat exchange resulted in the theft of millions of dollars worth of crypto from unsuspecting users. The incidents highlight the need for caution and vigilance in the crypto space.
Fake Rabby Wallet App Scams Users
A fake version of the Rabby Wallet, a crypto wallet application developed by DeBank, recently caused major distress among Apple App Store users. The deceptive application, operating under the name “Rabby Wallet & Crypto Solution” by “Solution Development,” has been available on the App Store for at least four days despite multiple reports from users about it being fraudulent.
The authentic Rabby Wallet team confirmed on Feb. 16 that any version of the app currently available on the App Store is fake, as their official app is still under review.
The situation escalated as users, tricked by the imposter app, reported big financial losses. Concerned people took to various platforms, including Reddit and the Apple discussion board, to share their experiences and warn others.
Victims of the scam have already lost large amounts of money, with one user claiming a loss of $5,000 and another stating that 10% of their cryptocurrency portfolio was wiped out due to the fake app.
A report also came from an NFT collector known as ‘bthemouth,’ who found their wallets emptied after the fraudulent app obtained their seed phrase, leading to a loss of nearly 14 ETH, valued at around $40,000.
Similar incidents were reported in October and December of last year, alongside a recent case involving a counterfeit Curve Finance app discovered on Feb. 14. Furthermore, in November of last year, a fake Ledger Live app managed to steal almost $600,000 after infiltrating Microsoft’s app store.
These cases demonstrate the need for users to be careful and vigilant when downloading crypto apps, especially from third-party sources.
Users should always verify the authenticity and legitimacy of the app developers, check the reviews and ratings, and avoid sharing sensitive information such as seed phrases or private keys.
FixedFloat Exchange Hacked for $26 Million
In another crypto crime incident, the decentralized crypto exchange FixedFloat suffered a security breach, resulting in the theft of at least $26 million in Bitcoin and Ethereum, causing the platform to go offline.
The hack was detected on Feb. 15, when the exchange noticed abnormal transactions on its hot wallets. The exchange immediately suspended its services and notified its users of the incident.
According to the exchange, the hacker exploited a vulnerability in the exchange’s code, allowing them to bypass the security checks and withdraw funds from the hot wallets.
The exchange claimed that the hacker did not access the user database or the cold wallets and that the user funds were safe. The exchange also promised to reimburse the affected users and restore the service as soon as possible.
The exchange has launched an investigation into the incident and has reported it to the relevant authorities. The exchange has also offered a reward of $100,000 for any information that could lead to the recovery of the stolen funds or the identification of the hacker.
The FixedFloat hack is one of the largest crypto exchange hacks in recent times, following the KuCoin hack in September 2020 that resulted in the theft of over $280 million worth of crypto. The incident highlights the risks and challenges of operating a decentralized exchange, as well as the importance of securing the exchange’s code and wallets.
