Counterfeit Rabby Wallet App dupes iOS users

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19th February 2024 – (New York) A spurious version of the Rabby Wallet, a popular cryptocurrency wallet application, has been identified on the Apple App Store, causing consternation among the digital asset community. Reports have surfaced of users falling prey to the fraudulent application, which has been masquerading as a legitimate crypto storage solution.

The legitimate developers at DeBank, responsible for the authentic Rabby Wallet, issued a statement on 16th February clarifying that their official application is still pending review and hence, any versions available on the App Store are illegitimate. Despite being a clear counterfeit, the app titled “Rabby Wallet & Crypto Solution” by Solution Development has managed to stay listed for at least four days, as per the version history.

Alarms have been raised by affected users across various platforms, including a Reddit thread initiated on 18th February by a vigilant user ‘manolodf’, who also voiced their concerns on the Apple discussion board, accompanied by distressing accounts and screenshots from individuals who have suffered financial losses due to the scam.

The outcry on Apple’s supposedly secure ecosystem echoes widely, with users expressing disbelief at the oversight. “This is insane and should NEVER happen on Apple Ecosystem,” ‘manolodf’ decried in their post, questioning the integrity of the App Store’s vetting process.

The grievances are substantial, with one user recounting a loss of approximately $5,000 to the sham app, and another lamenting the disappearance of 10% of their portfolio. Both have approached Apple in hopes of reimbursement, citing the app’s previous reports and questioning the efficacy of the store’s protective measures.

NFT enthusiast ‘bthemouth’ shared their misfortune, revealing that their wallets were emptied after the fake app obtained their seed phrase. The user also provided an Ethereum address, purportedly linked to the perpetrator, containing nearly 14 ETH, equating to around $40,000.

This incident is not an anomaly, as the Rabby Wallet has seen its name exploited in similar hoaxes within the App Store in the past, with occurrences in October and December of the previous year, each duly flagged by the Rabby team.

In a parallel narrative, just days prior on 14th February, a fraudulent Curve Finance application was detected on the App Store, further underscoring the susceptibility of even the most vigilant users to such deceptions.

These breaches are part of a worrying trend, as noted by reports from Cointelegraph last November, where a counterfeit Ledger Live app successfully siphoned nearly $600,000 from users on Microsoft’s app store.