EOS Developers Warn Against Fake SimplEOS Wallet App on Google Play

The EOS RIO organization, a group of Brazilian EOS developers, has recently warned its social media followers that fraudsters have launched a fake simplEOS wallet app on Google’s Play Store, presumably to get users’ private keys.

The developers’ warning, first spotted by The Next Web, came with a statement that clarifies that while EOS RIO has done what it can to get the app taken down, users should be aware of the risk involved in downloading wallet apps from Google Play.

Currently, it’s unclear how many users downloaded the malicious app. It appears to have already been taken down from the Play store, however. For the time being, users are advised to only download apps from developers they trust.

This is not the first time third-party EOS-related apps are used to swindle users. YouTube personalities the Hodgetwins have, earlier this year, lost over $8,000 after downloading a fake wallet from Apple’s App store.

Notably, fake cryptocurrency-related apps seem to be abundant on Google’s Play Store. This month, security researcher Lukas Stefanko found that an app called Easy Rates Converter wasn’t just converting currencies for its users.

Once installed, it reportedly installed malware to monitor users’ devices to then create “fake activity” that overlayed legitimate apps like that of cryptocurrency exchange Binance. It would then record their login credentials to steal their funds.

Earlier this year, a fake MetaMask app found on Google’s Play store managed to swindle users out of $2,700 worth of Ethereum’s ether. The app, found by Stefanko, had at a time a few negative reviews from users who claimed to have been stolen.

Google banned cryptocurrency mining apps from its Play Store back in July, in what is believed to be an attempt to stop developers from putting a strain on users’ phones and their resources. An investigation later on found that some were being able to bypass the ban.

While Google’s Play store seems to be more prone to malicious apps, there have been similar cases on the iOS app store. To remain safe, users should search for official announcements detailing the launch of apps, and pay careful attention to other users’ reviews and other red flags.

Facebook's Libra Will 'Never Happen' Says JPMorgan CEO Jamie Dimon

Jamie Dimon, the CEO of one of the largest banks in the world, JP Morgan, has said Facebook’s proposed cryptocurrency Libra is a “neat idea” that will “never happen.”

The CEO of JPMorgan made his comments on the cryptocurrency during a conference by the Institute of International Finance in Washington, adding that we “already have stablecoins, so they’re not the first to do that.”

The Libra cryptocurrency is, according to Facebook, set to be backed by a basket of fiat currencies. The crypto’s backing would be of 50% the U.S. dollar and short-term U.S. Treasury bonds, 18% the euro, 11% the British pound, 14% the Japanese yen, and 7% the Singaporean dollar.

Dimon’s comments came shortly after some of the Libra Association’s initial members, including PayPal, Mastercard, Visa, and eBay, left the organization over the regulatory scrutiny they’ve been facing, as well as the currency’s potential to be used to launder money or finance terrorism.

David Marcus, the co-creator of the Libra cryptocurrency project, has revealed that instead of launching a “synthetic unit” the Libra Association could, instead, launch a “series of stablecoins, a dollar stablecoin, a euro stablecoin, a sterling pound stablecoin, etc.” as it looks to work with regulators.

It’s worth noting JPMorgan became the first U.S. bank to launch its own cryptocurrency this year after it launched the USD-backed “JPM Coin.” Dimon himself is a well-known bitcoin critic who has in the past called the flagship cryptocurrency a fraud, even though he later on revealed he regretted the comment.

Featured image via Unsplash.