UniSat is warning users about a malicious Bitcoin wallet hosted on Apple’s App Store as BTC trades 5% below the asset’s all-time high.
On April 1, Bitcoin (BTC) wallet provider UniSat warned the cryptocurrency community about a fake iOS app version of its decentralized digital asset storage solution. A copycat called “unisatWallet” is provided by Zunyi Yibai Network Technology.
It’s unclear how long the app has existed on Apple’s application marketplace, and crypto.news was unable to confirm who is behind Zunyi Yibai. As of this writing, the app has no reviews and no users have reported any losses.
Counterfeit Bitcoin wallets are likely created to steal users’ assets by obtaining private keys and compromising their seed phrases.
Private keys and seed phrases are alphanumeric features attached to a cryptocurrency wallet for security purposes. These components allow participants to recover or migrate their wallets to a separate device. Conversely, hackers can also use tools to steal tokens from distributed addresses.
Last year, the startup said its Bitcoin wallet boasted more than 300,000 weekly users. The data was cited through Google Chrome Store analysis. Like other wallet solutions like MetaMask, UniSat primarily works as a browser plugin, allowing users to utilize the tool via their PC while on the go.
UniSat was rocked by BRC-20 double spend attack.
The warning comes almost a year after UniSat was hit by a double-spending attack. In April 2023, exploiters stole BRC-20 assets from the platform’s Ordinals marketplace due to a codebase bug.
BRC-2O, short for Bitcoin Request for Comment, is a token standard that supports the creation of fungible assets on the Bitcoin network. This concept is similar to Ethereum’s ERC-20 and is touted as a delivery mechanism for the definition of the BTC blockchain.
Pseudonym developer Domo created the standard last March based on the Ordinals protocol designed by Casey Rodarmor. The sector has since grown into a $3 billion market, according to CoinGecko.