Fake Crypto Exchange Mobile Applications Spreading in the Markets Unchecked

A Jordanian citizen who recently lost more than $384,006 in a crypto scam is being vocal and trying to warn people about the undetected fake trading applications. At the time, cryptocurrencies are reaching new heights, and the flow of investors in digital assets is higher than ever before in history. Many people decide to take a chance on cryptocurrency when they have left their jobs in the ongoing COVID-19 destruction.

However, scammers are only in the market to make money by hooks or crooks. Every year, cybercriminals are raking millions of dollars in crypto scams. This year the number has already reached billions. The problem with crypto scams is that scammer uses different tricks to entrap unsuspecting victims. The scammers have become so bold that they are launching fake applications on the mobile stores that go undetected.

How a Fake Mobile Application Ended up Robbing an Honest Man for thousands of Dollars?

Brandon Larsen is the victim of the type of crypto scam that could make anyone confuse and took them by surprise. Larsen wanted to find a good way of putting his money into cryptocurrencies, and after doing some research, he decided to download a sought-after trading application on his smartphone. The application that Larson ended by downloading was not the real one.

It was a look-alike application designed by scammers that were posing as a legitimate trading app. Like many other victims, Larson was not doubtful about the trading application at all. He did not suspect that the app store officials would allow such a mistake to happen. There are millions of applications on an app store, and it is almost impossible for the users to read the description of every single one. 

Not many people check if the application that they are using is authenticated or fake. A scammer can put a fake app on the store after making minor changes. There are millions of gaming applications that look almost identical. Larsen eventually gave his digital wallet address to a hacker who cleaned out his credentials before he could realize what was happening.

The most common indicator about fake applications is that the scammers offer inexperienced investors an unrealistic amount of return. After going through this painful process, Larsen took the courage to speak about his losses and guide others so that they can stay safe. He is trying to learn more about the cryptocurrency trade and offering others a course on his website (www.mentalawesomeness.com) to help them learn more about the crypto markets they can have a better start.