Rabby Wallet, a crypto wallet developed by Debank, has gained popularity among users due to its support for 141 chains and multiple signing modes. However, the recent launch of the beta version of its mobile app has led to unexpected consequences for unsuspecting users.
On the 16th of February, reports began to surface about a fake Rabby Wallet app on the iOS App Store that was draining users’ crypto stashes. The fraudulent app, named “Rabby Wallet & Crypto Solution,” appeared legitimate and tricked users into entering their seed phrases or private keys, resulting in the loss of their crypto assets.
Numerous users fell victim to the scam, with one investor reportedly losing nearly 14 ETH to the fake app. Despite users reaching out to Apple for reimbursement, the company’s failure to properly vet apps on its store has allowed malicious apps like the fake Rabby Wallet to slip through the cracks. Apple Support allegedly stated that the app had originally been approved as a different application before being updated to resemble Rabby Wallet, causing confusion and financial loss for users.
According to a Reddit user who initiated the conversation, the fake Rabby Wallet app had been approved on the App Store years ago as a basic personal finance app. Subsequent updates rebranded the app to mimic Rabby Wallet’s interface, leading to the deception of unsuspecting users. This “long con” highlights the vulnerability of app approval processes on platforms like the App Store and the potential for exploitation by malicious actors.
In light of the fake Rabby Wallet app scam, users are strongly advised to only download apps from official repositories to avoid falling victim to similar fraudulent schemes. It is essential to exercise caution when entering sensitive information, such as seed phrases or private keys, and to verify the authenticity of apps before using them to store or transact crypto assets.
The incident involving the fake Rabby Wallet app serves as a stark reminder of the risks associated with the rapidly growing cryptocurrency ecosystem. Users must remain vigilant and proactive in protecting their crypto assets from fraudulent schemes and scams. By staying informed and following best practices for security and authentication, users can mitigate the risk of falling victim to such deceptive tactics in the future.
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