The cybersecurity company based in San Fransisco analyzed 18,408 apps across App stores to detect ones that are blacklisted by cybersecurity vendors. They uncovered over 600 blacklisted Bitcoin-themed apps in total.
Their research team found out 661 blacklisted apps were available for users to download across 20 app stores including Apple’s App Store, Google Play, and others.
With 272 apps, Google Play has hosted the highest amount of malicious cryptocurrency apps.
“We are seeing threat actors around the world exploiting what is already a hostile currency in a lawless digital world,” Fabian Libeau, EMEA vice-president of RiskIQ.
“Before handing over any cash or personal data, investors should carry out thorough research into the exchange and wallet apps they intend to use. By checking the developer’s name, user reviews and the number of app downloads, investors can measure the validity of an app and be more confident in their choice.”
According to the report, hackers have used apps including phrases like “bitcoin exchange,” “bitcoin wallet” and “cryptocurrency” to lure potential victims.