As interest in Bitcoin and other cryptocurrencies continues to grow, so too do the cybersecurity risks facing investors. New research from RiskIQ reveals that hundreds of cryptocurrency-related mobile applications available through major app stores have been flagged by cybersecurity vendors, raising concerns about the safety of digital asset management tools. The findings highlight the challenges consumers face when navigating an increasingly crowded crypto ecosystem, where malicious actors often exploit investor enthusiasm through fraudulent wallet, exchange, and trading applications designed to steal funds or sensitive personal information.
SAN FRANCISCO, Jan. 24, 2018 (GLOBE NEWSWIRE) — The world’s top app stores are hosting 661 blacklisted Bitcoin apps, which leave users open to hackers, a new investigation by digital threat management leader RiskIQ today reveals.
RiskIQ analyzed 18,408 apps across 20 app stores – including Apple, Google Play, SameAPK, and APKPlz.
Monitoring 10 of the popular Bitcoin exchanges in the app title, it found a staggering 661 to be blacklisted by official cybersecurity vendors (3.6 percent of total) – but still available for download by users.
The top stores guilty of hosting these potentially dangerous apps were Google Play (272), ApkFiles (54) and 9Apps (52).
RiskIQ’s research showed almost 3 percent of apps with “Bitcoin exchange” in the title were blacklisted, as well as 2.6 percent using “Bitcoin wallet” and 2.2 percent listed as “cryptocurrency.”
Hackers behind the blacklisted apps, which have been blacklisted by one or more cybersecurity vendors, can trick users into handing over large sums of money or personal details for financial gain.
The rise in unofficial and potentially malicious apps across multiple app stores will alarm potential investors looking to buy into Bitcoin.
Fabian Libeau, EMEA VP of RiskIQ, warned anybody considering downloading such software to be extremely cautious and to research each app.
He said, “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. 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.”
About RiskIQ
RiskIQ is the leader in digital threat management, providing the most comprehensive discovery, intelligence and mitigation of threats associated with an organization’s digital presence. With more than 70 percent of attacks originating outside the firewall, RiskIQ allows enterprises to gain unified insight and control over web, social and mobile exposures. Trusted by thousands of security analysts, RiskIQ’s platform combines advanced internet data reconnaissance and analytics to expedite investigations, understand digital attack surfaces, assess risk and take action to protect business, brand, and customers. Based in San Francisco, the company is backed by Summit Partners, Battery Ventures, Georgian Partners, and MassMutual Ventures.
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