IOS and Android Fake Bitcoin Trading Apps

We have recently been led to a bogus mobile app masked as being linked to a well-known Asian trading enterprise. As we examined, we have discovered several more false versions of popular iOS and Android bitcoin trading, stock trading, and banking apps, all designed to take people who have been duped. These fraudulent programs seek to take advantage of the increasing interest in trading apps led by recently significant increases in cryptocurrency value and the demand for low-cost or free stock trading inspired by stories such as the recent GameStop social-media speculation.

IOS and Android Fake Bitcoin Trading Apps

In certain situations, social engineering was used by social engineering programs to disseminate these applications to attract victims and websites created to look like those of lawful companies. These websites link victims to third-party sites that supply iOS mobile applications through configuration management systems, payloads for the administration of iOS mobile devices with web clips, and Android apps depending on the device. For more information, visit The Official Website.

Collecting victims

Our inquiry was initiated when a user who fell victim to fraud asked us to check an application. The victim claims that the first contact was via social media and the dating site with the players behind the app. The scammers were friendly, and communications were moved to a messaging app. The Covid-19 epidemic prevents demands for face-to-face encounters. After they had gained confidence, they persuaded the victim to download an app that sends a link. The link was made to a page of the Golden way Group, which was based in Hong Kong. The page included iOS and Android apps available for download.

The crooks passed through the installation, encouraging the victim to purchase Bitcoin and transfer it to their pocketbook. However, when the victim demanded to revoke crypto-monetary money, the scammers behind the false person started excusing and finally disabled the victim’s account—the entire crypto-monetary entity bought by the scammers. These kinds of schemes are known to the Golden way. An alert on the company’s actual website is sent to users with a similarly called website about scammers and requests their users to delete themselves from those applications.

Override the iOS App Store

The iOS App Store and private App Store companies constantly scan applications and remove the developer’s account of defrauding application developers — eliminating malicious or fraudulent applications with the digital signature of their accounts. To avoid this kind of supervision, we researched dangerous applications that employ third-party services to use a super signature process.

It enables app developers to leverage the ad-hoc distribution method of Apple to deploy programs to iOS devices. This procedure allows developers to distribute software to a small number of test equipment immediately. But rogue app developers can readily misuse some of these services. Ad hoc malware distribution abuse enables developers to prevent screening in the App Store and the danger of revoking apps’ certification.

These sites distribute the manifest file Mobileconfig for deploying applications, which provides details such as the app payload URL, the display name of the application, and a payload UID. The application’s IPA (iOS App Store package) is subsequently downloaded to the user. Dandelion’s website and others, including a complete demonstration video, have tutorials for this method — precisely the one utilized for these bogus applications.

While many Super Signature developer services may be designed to benefit legitimate small app developers, in our research, we found that the malware has employed many such third-party marketing app services. In addition, these services featured ‘App Installation one-click upload’ solutions where the IPA file merely needs to be supplied. Thus, they are an alternative to the iOS App Store, the distribution of apps, and device registration.


In some instances, “web clips” were dropped from the iOS distribution sites instead of IPA files. Web clips are a payload for managing mobile devices, which adds a link to a Web page immediately on the home screen of your iOS device – making web-based applications (for users at least) like mobile applications. A tap on the home screen icon leads the user directly to the online application-related URL.

These web clips referred to web versions of fraudulent apps with identical interfaces found in iOS apps. We found the Android apps to seem like native ones, using a somewhat different way of developing web apps. The server URLs are coded in the program, and the pag4 is displayed on the embedded URL using the Internet Viewer. The URL and several other critical strings are encoded with a StringFrog project, an open-source project that employs base64 and xor combined with a hardcoded key.

Faking It

When the user completes the installation and starting procedure, the user is asked for an account — and in some circumstances, an invitation code is requested, presumably to limit the access to an app to the deliberately targeted individuals.

We looked at some of the bogus trading applications included a trading interface, wallets, deposit and withdrawal facilities, and money, which seemed to work exactly like their authentic equivalents. However, the significant difference was that every transaction was instead in the thieves’ pockets.

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