Google Play Store Takes Down Fake EOS Wallet

The most troubling problems facing cryptocurrencies is security. There have been lots of attempts by hackers to steal personal data that could cause loss of funds. Recently, an EOS wallet was used.

EOS Price Today – EOS / USD

Name Price24H (%)
EOS (EOS)
$1.82
-5.67%

The Fake App

This app was uploaded on Google Play Store before a Brazilian developer company reported it. It was named SimplEOS and mimics the EOS Rio wallet.

The developers discovered that the fake software was a malware tool made to grab passwords of users and account information. This data will then be used to steal their crypto funds. Since crypto transactions are anonymous, it is difficult to recover such stolen funds.

This is the greatest cornerstone of decentralized systems, but anonymity is one main factor that affects adoption and total acceptance of the digital currency by authorities world over.

About EOS RIO

This company develops products for the cryptocurrency network. It is also one of the EOS network’s Block Producers. Basically, these Block Producers are entities that govern the EOS Blockchain. The company is based in Rio De Janeiro, Brazil. It works on developing Blockchain based digital products. It has, however, made it clear that it has no apps on the play store. This makes the application an outright fraud.

EOS RIO took the responsibility to report this fake app to Google and issued a warning to users. The company also directed users to use the official site link if they want to download the app.

Google acted fast

The app was taken down immediately after the report was sent. This is not the first time a fake EOS app is popping up. The EOS community has always been vigilant to spot such fake apps and report them so Google can remove them.

Considering the fact that the scams are mainly targeted at cryptocurrency holders, it is in the interest of the users to be cautious before downloading software. A good way to check the credibility of the app is to look at its reviews. If it has lots of good reviews above one thousand, you can take the risk. Otherwise, you should not consider downloading the app or inputting personal information on it.

EOS price analysis

Presently, EOS takes the sixth place in the list of cryptocurrencies. It has a market value of up to 5 billion USD. At some point before the events of April this year, before the Dawn 4.0 was released, the coin’s market cap was over 17 billion USD.

However, the period did not last. Its value was wiped out by 75% compared to the average decrease of about 30% for Bitcoin as well as the broader cryptocurrency market. This highly volatile virtual currency entered the bearish market, and the investors started to withdraw assets from it. All these factors do not change the fact that the digital currency has a bright future ahead. Its price is expected to increase in the long term. It could be the fastest digital currency if it succeeds in overcoming its obstacles.

 

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