Leather Warns of Deceptive Wallet App on App Store

by / ⠀News / March 13, 2024
"Deceptive Wallet App"

Cryptocurrency wallet provider, Leather, has issued an alert about a deceptive application on the Apple App Store. This imitation app is designed to resemble Leather’s software, with the purpose of tricking users into revealing their personal cryptocurrency credentials.

The company warned about such malicious apps, known as crypto or wallet drainers. These programs trick users into sharing their private passcodes or authorizing transactions that allow fraudsters access to cryptocurrency wallets. Given the often untraceable nature of these transactions, victims usually don’t have a way to recover their assets.

Leather recently advised its community about a fraudulent app on the App Store, desiring their wallet. This alert is crucial because Leather doesn’t offer any iOS apps, meaning any wallet portraying as such is undeniably counterfeit. Any user who has interacted with these illicit programs is advised to immediately move their assets to a safer wallet.

Danger — LetalComRu — Still accessible on the App Store

Unfortunately, victims who have entered their secure passphrase into the false wallet are believed to have had this information shared with the criminals behind the scam. Despite Leather initially reporting to Apple, the illegal app still remains accessible on the App Store, with numerous victims reporting losses.

The dubious app, ‘LetalComRu,’ holds a suspiciously high rating of 4.9 out of 5.0 on the App Store, possibly inflated by fake user reviews. Despite the high rating, reliable sources have raised security and privacy risks associated with the app. Given the developer’s lack of transparency, potential users are urged to exercise caution and thoroughly research before downloading ‘LetalComRu.’

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The extent of the scam is challenging to measure due to the App Store’s policy of not sharing app download data. Despite numerous attempts, Apple has not issued a response, leading to questions about the effectiveness of the App Store’s security checks in light of undeterred malicious activities.

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