FBI alerts investors about fake crypto-themed apps being used by cybercriminals

The Federal Bureau of Investigation has issued a warning to U.S. investors about cybercriminals creating fraudulent cryptocurrency-themed apps and fake websites to deceive investors in the virtual assets space, according to The Hacker News. "The FBI has observed cyber criminals contacting U.S. investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency," the law enforcement authority noted. The illegal scheme has already defrauded 244 victims, and estimates showed losses reached $42.7 million from Oct. 4, 2021, to May 13, 2022. The FBI highlighted three scenarios where the scammers posed as a U.S. financial firm and companies called YiBit and Supayos, also known as Supay, to defraud around $10 million from 34 victims by tricking them to download fake crypto wallet apps, allowing the scammers to plunder the funds deposited into the crypto wallets.