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Algorand Warns Of Fake ALGO Wallet, Users Face Issues -Breaking

by Mike Robinson

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Algorand Warning: Fake ALGOWallet. Users Have Issues

Popular Algorand blockchain (ALGO), warned about a new scam targeting its users. Several of these people reported problems with their Algorand Wallets.

Today, the Algorand Foundation warned the community about the fraudulent ALGO wallet app that is available in app stores.

The fraudulent wallet is called “My Algo Wallet” and has been issued by some Hangzhou Qileyuon Network Technology Co, which has no relation with Algorand blockchain developers.

This announcement reminds users that they should be cautious and avoid downloading suspicious applications from any other source than Rand Labs (official Algorand blockchain developer Rand Labs).

Customers Complain

Multiple users reported issues concerning their ALGO wallets over the course of this time.

“Today when I logged in, it shows up as blank. My account and holdings don’t show up. Any reason why this is happening?”, asked Algorant users on Reddit.

Many other users also shared his complaint. Most of the users said that their phone had to be rebooted to correct the problem.

Users haven’t specified, however, what ALGO wallets they are using.

Still available on App Store

Algorand Foundation encourages its users to remain vigilant, and reports that imposters were reported. However, the fake “My Algo Wallet” app is still available to download from the App Store at the time of publishing.

In the meantime, Algorand’s Twitter (NYSE:) community members report that the fake wallet has been available on Apple’s App Store for more than six days already.

What should you care about?

The fake wallet apps mimic those of the genuine ones and can pose a danger to crypto users. They are used to steal private keys and thus transfer all the cryptocurrency out of the victims’ accounts.

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