Fake WalletConnect App Drains $70K from Over 150 Users on Google Play

WalletConnect has raised concerns among crypto users after a malicious app, which was previously listed on the Google Play Store, defrauded victims of over $70,000.

WalletConnect reported on September 29 that a counterfeit app had been removed from Google Play after it posed as a legitimate tool. Before its removal, the app had stolen more than $70,000 worth of cryptocurrency from unsuspecting users.
Malicious App Exploits Mobile Users

The issue first came to light on September 26, when Check Point Research (CPR) published a detailed report about the fraudulent app. According to CPR, the app mimicked a legitimate crypto tool and exploited the trust associated with the WalletConnect brand. It remained undetected on Google Play for over five months.
In that period, the fake app was downloaded over 10,000 times, but fortunately, many users did not connect their wallets to it, limiting the damage. The app also employed tactics to target users selectively based on their IP address location and device type. When specific conditions were met, users were redirected to a malicious backend using MS Drainer software.

Released under the name “Mestox Calculator” on March 21, 2024, the app underwent several name changes, eventually posing as a WalletConnect app. Despite these changes, its URL continued to point to what appeared to be a simple calculator website, allowing it to bypass Google’s review process.

CPR highlighted that the app’s publishers used social engineering techniques, including fake reviews and branding, to enhance its visibility and credibility, which led many to believe it was genuine.

WalletConnect Scam Affects Over 150 Users

Once downloaded, the app prompted users to connect their crypto wallets and grant permissions. The creators then used advanced draining techniques to execute fraudulent transactions. Users unknowingly approved these actions, resulting in the theft of their funds.

The WalletConnect Foundation is aware of a recent scam where bad actors developed a malicious app that exploited the WalletConnect name and was available on the Google Play Store. The app has been removed from Google Play Store. The Foundation reminds everyone that there is no…

— WalletConnect (@WalletConnect) September 29, 2024

CPR estimates that around 150 users were affected, collectively losing over $70,000 in cryptocurrency. In response, WalletConnect has reminded users that there is no official WalletConnect app and has urged the community to remain cautious to avoid falling victim to similar scams in the future.

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