Fake app steals Cardano cryptocurrency from its owners

Cryptocurrency hackers have developed a phishing app called Nami-ADA that looks like an exact copy of the official Nami Cardano wallet for mobile devices. The fake iPhone app was reported by a Twitter user.

🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
THIS IS FAKE. THERE IS NO MOBILE VERSION. IF YOU ENTER YOUR SEED PHRASE YOU WILL HAVE 100% OF YOUR FUNDS STOLEN. PLEASE SPREAD THE WORD.
🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨#cardano $ADA pic.twitter.com/DkwP1dUyU7

— ADA ape 🌍|| «APE» (Pool) (@TheADAApe) October 14, 2022

After downloading the app, users are prompted to enter the initial phrase from the Nami wallet in the browser, which looks like a normal procedure when creating a crypto wallet on another device. However, not with the Nami-ADA program. Instead of providing access to funds, the application steals confidential data and sends it to the fraudulent developers of the program. In this way, hackers gain access to all digital Cardano assets stored on victims' wallets.

The appearance of the program on the App Store marketplace has nothing to do with the developers of the official browser extension from Nami. The fake wallet is still available for download, so a large number of users are still at risk.

A similar scheme to steal the Solana cryptocurrency was reported earlier this week. Hackers impersonated the developers of the Phantom cryptocurrency wallet and sent users NFTs called PHANTOMUPDATE.COM or UPDATEPHANTOM.COM. After sending out the non-fungible tokens, the hackers asked their victims to perform a security update by clicking on the link.

If the victim followed all the instructions to update Phantom, the process ended with a malware download from GitHub that helps hackers steal search history information, cookies, passwords, keys, and other user information.

Security experts advise to be especially careful not to open suspicious links, as there are dozens of malware aimed at stealing cryptocurrency.