Fake Rabby Crypto Wallet Steals Users Funds

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  • A fake Rabby crypto wallet on Apple’s App Store is draining users’ funds
  • The official Rabby Wallet creators have since revealed that it currently doesn’t have an iOS wallet
  • Apple is also yet to remove the fake wallet from its store despite multiple citations that it’s not the real wallet

Web3 users have reported losing their assets to malicious actors operating a fake version of Rabby Wallet on Apple’s App Store. One of the victims disclosed that the actors drained his funds when they transferred their real wallet’s seed phrase to the fake iOS wallet. Some crypto users had earlier reported about the imposter wallet on crypto forums and Apple’s own forum but the tech company is yet to remove the fake app from its store, making some people lower their faith in the quality of apps available on App Store.

Fake Reviews to Attract Victims

According to a victim who claims to have lost roughly $5,000, and who was among the first to post the issue on an Apple community forum, the wallet “bought various fake reviews” enabling them to nab more victims.

The actual Rabby Wallet team has revealed that they don’t have an iOS-based wallet saying that the real wallet is currently under review by Apple. The fake wallet is developed by an entity called “Solution Development” while the real Rabby Wallet is operated by Debank.

The incident has lowered the confidence of some iOS users with some asking “how a closed ecosystem like Apple App Store would allow blatant use of the real logo, impersonating the real wallet.”

Imposter Crypto Wallets on App Stores

This isn’t the first time a fake crypto wallet app has siphoned funds from unsuspecting users. Three months ago, for example, a fake Ledger app found its way to the Microsoft App Store and caused over $750,000 in losses.

In 2022, a web3 user lost over $800,000 after interacting with a counterfeit Phantom Wallet app on the Google Play Store.

With the fake Rabby Wallet app continuing to be available despite being reported by multiple users, it’s to be seen whether those affected will sue Apple for losses incurred.