Operating since May 2021 and largely targeting Chinese crypto enthusiasts, this scam reinforces our scepticism of web-based wallets in all circumstances.
Malicious apps are distributed through websites and social media apps, each imitating legitimate wallets including MetaMask, Coinbase, Trust Wallet, and others. If you downloaded any of these fake apps, your crypto funds would be lost immediately.
There were 13 different malicious apps pretending to be the Jaxx Liberty wallet on Google Play Store, downloaded more than 1,100 times. If you fall victim, you have no recourse — your funds are lost forever.
Stick with Coinbase or Binance for third-party hosting, or Ledger Nano for self-custody. There are no other options.
Please feel free to contact us with any questions.