Beware: Counterfeit Curve Finance App Surfaces on Apple Store

Unauthorized apps draining crypto assets make a troubling return, with a fake Curve Finance app emerging.

In a troubling development, a fraudulent app posing as the decentralized finance (DeFi) protocol Curve has made its way onto Apple's App Store.

Developers issued a warning on Feb. 14, cautioning users that there is no official DeFi Curve app at present. The alert emphasized vigilance, stating, "Beware of scams. A fake with our logo was spotted! Stay safe."

The unauthorized Curve app attributes its creation to MK Technology Co. Ltd. Its official website, hosted on Google Sites, provides only a single proton mail contact address and a "Curve Finance" descriptor. Notably, MK Technology has no other apps listed on the App Store.

Despite its dubious nature, the fake app holds a rating of 4.6 out of 5 stars with nine reviews. It markets itself as a "powerful app for managing your borrowers and their loans." The alleged scammer adds an extra layer by enticing users with in-app entertainment through puzzle games.

It remains unclear whether the app merely misuses Curve Finance's brand or if it is designed to exploit users by siphoning off wallet assets through deceptive in-app features.

This incident adds to the persisting challenge of counterfeit crypto applications. On June 21, 2023, Apple took down a malicious Trezor wallet app that coerced users into entering wallet seed phrases, leading to the theft of their entire crypto holdings. Similarly, on Nov. 5, 2023, Microsoft removed a fake Ledger app for the third time in two years, which managed to pilfer $588,000 across 38 transactions before its removal. The recurrence of such incidents raises concerns about the effectiveness of platforms in curbing fraudulent apps.

(Photo Source / Blockonome)