Pig Butchering scam targets crypto users with fake trading apps on Apple and Google Play Stores. Disguised as legitimate platforms, these apps defraud investors, bypassing store checks and exploiting unsuspecting users globally.
A fraud campaign targeting Apple iOS and Android users has been discovered by GroupIB, involving fake trading apps. These apps, found on Apple’s App Store and Google Play, and on phishing sites, are part of a Pig Butchering scam targeting cryptocurrency investors in Asia-Pacific, Middle East & Africa, and European regions.
Group-IB’s Threat Intelligence, and Fraud Protection analysts first discovered these fake mobile applications in May 2024 and have been investigating the campaign ever since.
According to their report shared with Hackread.com ahead of publishing on Wednesday, these applications were developed for Android using a single cross-platform framework. One was distributed through the Google Play store, while another targeted iOS devices.
What’s worse, unlike traditional mobile trojans, these applications had no typical malicious features and cybercriminals have created a facade of a legitimate trading platform to defraud victims.
The fraudulent apps check the current date and time to bypass Apple’s App Store checks, launching a fake activity with mathematical formulas and graphics if it is earlier than 22 July 2024, 00:00:00. Android samples were designed to display a fraudulent trading application hosted on the api.fxbrokerscc domain, part of a larger fraudulent infrastructure.
According to researchers, these fake trading apps and downloader apps mimic legitimate platforms and may include features like account settings, transaction history, and stock information. Downloader apps, found in the Apple App Store or distributed through phishing websites, prompt victims to install the fraudulent app.
The malware family used in the pig butchering scam is UniShadowTrade, classified under the UniApp Framework. This name is given by Group-IB analysts to categorize the fraudulent applications involved in the scam. For your information, the UniApp framework enables developers to create cross-platform applications with a single codebase, making it easier for scammers to develop and distribute malware.
What Exactly is Pig Butchering?
For your information, Pig butchering is a notorious digital scam that involves a meticulous process of grooming victims, building trust, and ultimately defrauding them of their money.
This particular campaign follows a specific pattern: target identification through social media, grooming and trust-building through social engineering techniques, offering a seemingly lucrative investment opportunity in cryptocurrency or other investments, encouraging a small initial investment, and building confidence through small profits.
Scammers pressure victims into making large investments, transfer funds they cannot withdraw, and disappear. This process continues until the victim is unable to withdraw the funds, causing significant financial loss and affecting their financial stability.
Nevertheless, scams Pig butchering can have devastating consequences for victims. Understanding scammers’ tactics and taking proactive measures can reduce the risk of falling victim to such fraud.
Alert for Android and iOS users
It is a fact that Google, which owns Android, and Apple, which owns the iOS App Store, try their best to keep the marketplace safe from malware and other cybersecurity threats. Despite constant monitoring, cybercriminals often slip into these stores with malicious apps, draining the bank accounts and crypto wallets of unsuspecting users.
Just last week, Google approved a crypto drainer app on the Play Store that stole over $70,000 from Android users. On the other hand, in February 2024, Apple approved a fake LastPass Password Manager app on its iOS App Store. The same month, Apple approved a fake Rabby Wallet app that stole millions from unsuspecting users.
Therefore, be extra careful when downloading an app from any of these stores. Check their reviews, search for the official app on Google, find their social media platforms, and confirm whether the app advertised on app stores is legitimate or not.
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