As Bitcoin grows in popularity, not to mention value, more and more Bitcoin apps have appeared. Sadly, security experts have revealed that many are laced with malware and indeed over 600
Bitcoin apps have been blacklisted but still available.
The team of researchers analysed over 18,000 apps available via 20 app stores and found that 661 were actually blacklisted and left users vulnerable to hackers. The Researchers from RiskIQ found that 3% of apps with “Bitcoin Exchange” in their title 2.6% with “Bitcoin wallet” in the title and 2.2% with “cryptocurrency” in the title have been blacklisted.
Frighteningly, 272 of the apps were found on GooglePlay and these apps as well as APKFiles and 9Apps which hosted 54 and 52 respectfully. These were the three sites most widely associated with listing blacklisted apps.
RiskIQ claimed that cybercriminals behind the banned apps planned on stealing money as well as personal data. The malicious apps handed over massive sums of money or sensitive and personal details.
“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,” said Fabian Libeau, RiskIQ EMEA vice president.
“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.”
Researchers also warned that the rise in unofficial and potentially malicious apps could likely scare off potential investors looking to purchase Bitcoin.