The massive rise of bitcoin has helped the hype for the cryptocurrency. Its value has skyrocketed by thousands of dollars in the last year.
As the hype grows, so does interest in acquiring digital currency, and hackers who want to profit off it. Mike Murray, vice president of security intelligence at mobile security firm Lookout said “Whenever something gets this much publicity and popularity and there’s a potential to make what appears to be free and easy money, the criminal aspects of the world are going to take advantage of it,”
In order to use bitcoin, you need a digital wallet to receive, send, and store cryptocurrencies. By creating fake wallets, hackers can take advantage of people new to bitcoin and other digital currencies who might not realize the difference between legitimate companies and fake apps.
Lookout recently discovered three fake bitcoin wallet Android apps in the Google Play Store that trick people into sending cybercriminals bitcoin. Some of the apps had thousands of downloads.
Google has since pulled them from the store.