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.
Sponsored
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.’
#AlgoFam Please be aware of a new scam that has been highlighted by community members today. There is a FAKE My Algo wallet app on the app store. As you can see, its not by @randlabs . Please do not use this app. This has been reported. Stay safe.#Algorand $Algo @Algorand pic.twitter.com/zbyJqUosch
— Algorand Foundation (@AlgoFoundation) February 14, 2022
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.
