UniSat has warned users of a malicious Bitcoin wallet hosted on Apple's app store as BTC traded 5% below the asset's all-time high.
On April 1, Bitcoin (BTC) wallet provider UniSat warned the crypto community about a fake iOS app version of its decentralized digital asset storage solution. This counterfeit product, called “unisatWallet”, is provided by Zunyi Yibai Network Technology.
It's unclear how long the app has existed in Apple's application marketplace, and crypto.news was unable to confirm who is behind Zunyi Yibai. As of this writing, the app has no reviews and no users have reported any losses.
Counterfeit Bitcoin wallets may have been created to steal users' assets by obtaining private keys and compromising seed phrases.
Private keys and seed phrases are alphanumeric features added to crypto wallets for security purposes. These components allow participants to recover their wallets or migrate them to another device. Conversely, hackers can also use this tool to drain tokens from decentralized addresses.
Last year, the company announced that its Bitcoin wallet had more than 300,000 weekly users. Data was cited using Google Chrome Store Analytics. UniSat, like other wallet solutions such as MetaMask, primarily works as a browser plugin, allowing users to utilize the tool via their PC on the go.
BRC-20 double-spend exploit rocks UniSat
The warning was issued nearly a year after UniSat was hit with a double-spend attack. In April 2023, a bug in the codebase allowed an exploiter to siphon his BRC-20 assets from his Ordinals marketplace on the platform.
BRC-2O is an acronym for Bitcoin Request for Comment, a token standard that powers the creation of alternative assets on the Bitcoin network. This concept is similar to Ethereum's ERC-20 and is being touted as a defi delivery mechanism on the BTC blockchain.
Pseudonymous developer Domo created the standard last March based on the Ordinals protocol designed by Casey Rodarmor. Since then, the sector has grown into a $3 billion market, according to CoinGecko.
