Users of Rabby Wallet Fall Prey to Fraudulent App on the App Store

On February 16, the team behind DeBank Rabby Wallet alerted users about a counterfeit version of their wallet application found in the App Store. The imposter app, named Rabby Wallet & Crypto Solution by a developer called Solution Development, mimicked the genuine wallet. The team noted that their official app extension is still under review by the platform.

A user by the name of manolodf raised the issue on an Apple forum, revealing that the scam app was accessible to the public for over four days before being taken down.

Discussions on Reddit highlighted that the fake wallet app boasted bot-generated positive reviews, while any scam alerts posted by users were deleted.

The official Rabby Wallet Discord channel saw several users reporting financial losses after downloading the fraudulent app. One individual recounted a loss exceeding $100,000, and another shared a similar experience of losing 10% of their portfolio to the fake app on the Apple store. NFT enthusiast bthemouth reported that his wallets were drained after the scam app obtained his seed phrase.

An Ethereum address, suspected to be associated with the scammer, was shared online, containing around 14 ETH (valued at approximately $40,700). Further discussions revealed additional victims of the scam.

This incident marks another occurrence of a counterfeit Rabby app surfacing on the App Store, following previous warnings from the project team in October and December 2023 about such fraudulent activities.

In a related event, November saw the emergence of a fake Ledger Live wallet app in the Microsoft Store, where, according to on-chain analyst ZachXBT, attackers succeeded in stealing roughly $768,000 worth of various cryptocurrencies.