CoinStats Crypto App Suffers Security Breach

Bittime - A security breach occurred in the CoinStats crypto app. This breach threatened users' wallets and sent fraud notifications. Although CoinStats claims external wallets are secure.

CoinStats Crypto App Suffers Security Breach

Popular crypto app CoinStats is reeling from a security breach that exposed users' wallets and sent fraud notifications to mobile devices. While the company investigated the incident, its platform was completely shut down.

On their official social media channels, CoinStats confirmed that the breach compromised an unspecified number of in-app user-created wallets. To reduce the risk of loss, CoinStats asks all users who created wallets on their platform to immediately return their cryptocurrency.

Phishing Scams Lure Users With Fake Gifts

Sophisticated phishing scams are one example of a security breach. CoinStats users, especially those using iOS devices, received notifications saying that they had won a large amount of crypto assets, especially 14.2 ETH. Users may be taken to malicious websites after clicking on such notifications, which are intended to steal private keys and drain their wallets.

CoinStats Claims External Wallets Remain Safe

CoinStats claims that external wallets and those held on centralized exchanges (CEX) remain secure. However, some users have indicated that transactions taking place in their external wallets are not legitimate, raising doubts about this belief.

CoinStats Gets Some Criticism

The company has also faced criticism for not being transparent. The total amount of damage is not yet known, which includes the number of crypto assets stolen and wallets compromised. While CoinStats promises to provide a thorough report on the event, they don't yet know when that will happen.

Conclusion

Popular crypto app CoinStats is experiencing security issues that are compromising users' wallets and sending fraud alerts. Users are requested to withdraw their money immediately. Phishing scams target iOS users with fake rewards like 14.2 ETH. Although CoinStats says external wallets are safe, some users say transactions are unauthorized. Additionally, CoinStats has received criticism for not showing how many breaches occurred. Although there is no definite schedule, the company promises to provide a complete report.

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