Criminals Target Privacy Coins: How To Avoid Downloading Fake Wallet Apps

Reports in the past few weeks detail that bad actors are targeting two privacy coin projects, Monero and Zcash, adding to concerns about the growing rate of security incidents involving blockchain networks. For instance, the security breach targeting Monero users emerged after scammers created a fake Mymonero android app URL.

Meanwhile, another privacy-focused crypto, the Zcash project appears to have been targeted as well after attackers created a fake Twitter account, according to Tim Ismilyaev, CEO and Founder at Mana Security. Security experts like Ismilyaev say that “before installing a new crypto wallet” it would be wise to “find references about the particular wallet on the internet.”.

Timeline of Monero, Zcash