Originally published on: November 07, 2024
A fraudulent app posing as the popular decentralized finance (DeFi) platform Curve Finance is causing havoc once more on Apple’s App Store, despite previous warnings and removals. This marks the app’s third appearance this year, luring in users with promises of token swaps and liquidity staking features.
Disguised as a legitimate tool for cryptocurrency transactions, this fake app has led to numerous reports of financial losses and security concerns from its users. Babu Lal, co-founder of India-based cybersecurity firm Frautect, describes this as a “global issue” that erodes trust and increases compliance burdens.
The app, which mimics Curve Finance’s branding and interface, has been responsible for unauthorized withdrawals, disappearing funds, and unresponsive customer support. Users have reported investing in the app only to have their funds vanish without a trace, leading to a flood of one-star reviews warning others of the risks.
Despite these scam reports, the app continues to persist on the Apple App Store, contributing to a broader trend of fake crypto-related apps infiltrating the platform. Lal has identified and reported over 6,500 fake financial apps, highlighting a significant security risk in the crypto space.
The reemergence of the fake Curve Finance app underscores the urgent need for improved user security measures. With deceptive apps continually resurfacing and putting users at risk, it is essential to stay vigilant and cautious when engaging with cryptocurrency platforms.
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