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Algorand Warns Of Fake ALGO Wallet, Users Face Issues

The popular Algorand (ALGO) blockchain has recently warned traders of a new type of scam that has been targeting its users, as dozens of them reported issues with their Algorand Wallets.

The Algorand Foundation addressed its community today with a warning about a fake ALGO wallet app that is available on app stores. 

The fraudulent wallet is named “My Algo Wallet” and is published by Hangzhou Qileyuon Network Technology Co, which has no relation with the Algorand blockchain’s developers. 

The announcement warns users to use caution, and be careful to not download any suspicious applications issued by anyone other than the official Algorand blockchain developer, ‘Rand Labs.’

Users Complain

Since the scam surfaced, multiple users have reported issues regarding their ALGO wallets.

“Today when I logged in, it shows up as blank. My account and holdings don’t show up. Any reason why this is happening?” asked one Algorant user on Reddit. 

Their complaint was supported by many other users who states that they had the same issue. The majority of these users claimed that they had to reboot their phones in order to fix the problem and return the wallet’s functionality once again.

In the majority of these instances, however, the users did not specify which “ALGO wallet” exactly they had been using.

Still available on App Store

The Algorand Foundation urges users to be vigilant and states that the imposters have been reported, however, the fake “My Algo Wallet” app was still available for download from the App Store at the time of publishing.

Indeed, members of Algorand’s Twitter community report that the fake wallet has been available on Apple’s App Store for more than six days already.

Why Should You Care

Fake crypto wallet apps typically mimic the originals, and represent a constant threat to cryptocurrency users if left unchallenged. They are usually used to steal private keys and thereafter transfer all cryptocurrencies out of the victims’ accounts.

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    This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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    Author

    Simona is a fintech journalist and content editor at DailyCoin Academy, which focuses on educating new crypto investors. She entered the crypto space in early 2018, got burned, but discovered a passion for trading, and now it’s her hobby. Simona covers crypto and blockchain-related topics and takes a deeper look at what lies behind the latest industry trends.