The Rabby Wallet Scam: Beware of Fake Apps Draining Crypto Stashes

The Rabby Wallet Scam: Beware of Fake Apps Draining Crypto Stashes

The Rabby Wallet, a crypto wallet developed by Debank, is a well-established platform known for its support of 141 chains and multiple signing modes. However, on the 16th of February, the company announced the launch of the beta version of its mobile app. Unfortunately, fans of Rabby Wallet were in for a rude awakening as reports started surfacing about a fake app masquerading as the genuine Rabby Wallet on the iOS App Store.

Users who fell victim to the scam reported that after installing the iOS version of the fake app, their crypto holdings were completely drained. The issue gained traction on platforms like Reddit and the official Apple forums, with users sharing harrowing tales of losing their life savings to the fraudulent app. It was revealed that the real Rabby Wallet was still pending approval by Apple, while the imposter app, published by “VIET LONG FINANCIAL INVESTMENT JOINT STOCK COMPANY,” had already been given the green light.

One unfortunate investor disclosed that they lost nearly 14 ETH to the scam, illustrating the devastating impact of falling prey to such schemes. Numerous users reached out to Apple seeking reimbursement for their losses, criticizing the tech giant for failing to adequately vet apps on its platform. Despite Apple’s rigorous approval process, malicious apps like the fake Rabby Wallet occasionally manage to slip through the cracks.

According to a Reddit user who initiated the discussion, Apple Support reportedly acknowledged that the fraudulent app had been approved under a different guise in the past. It was allowed to remain on the store and was later updated to mimic the interface of Rabby Wallet, leading to the widespread deception and financial losses suffered by unsuspecting users. This deceptive practice points to a sophisticated “long con” strategy employed by scammers to evade detection and exploit users’ trust.

As a precautionary measure, users of Rabby Wallet are strongly advised to only download the app from the official repository to mitigate the risk of having their funds misappropriated. The incident serves as a stark reminder of the importance of exercising caution and vigilance when engaging with cryptocurrency platforms and applications. By staying informed and remaining vigilant, users can safeguard their digital assets from falling into the hands of malicious actors in the ever-evolving landscape of crypto scams.


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