UniSat has issued a warning to users about a fraudulent Bitcoin wallet found on Apple’s app store, coinciding with BTC trading 5% below its all-time high.

On April 1, UniSat, a Bitcoin wallet provider, raised alarms in the cryptocurrency community regarding a fake iOS app version of its decentralized digital asset storage solution. The counterfeit app, named “unisatWallet,” is offered by Zunyi Yibai Network Technology.

It is uncertain how long the app has been available on Apple’s app store, and the individuals behind Zunyi Yibai have not been verified. As of now, the app has no reviews, and no users have reported any losses.

⚠️Please be cautious: It’s a scam project. ⭕️The #UniSat iOS App versions currently available for download are NOT official releases. pic.twitter.com/VlQtB1VhCC — UniSat – Inscribe your dream. (@unisat_wallet) April 1, 2024

The fraudulent Bitcoin wallet is likely designed to steal users’ assets by acquiring private keys and compromising seed phrases. Private keys and seed phrases are essential security features associated with crypto wallets, enabling users to recover or transfer their wallets to different devices. However, hackers can exploit these elements to drain tokens from a decentralized address.

Last year, UniSat reported having over 300,000 weekly users for its Bitcoin wallet, a statistic backed by Google Chrome Store analytics. UniSat, similar to other wallet solutions like MetaMask, functions primarily as a browser plugin, allowing users to access the tool conveniently on their PCs and mobile devices.

The cautionary message from UniSat comes following a double-spend attack the platform experienced almost a year ago. In April 2023, attackers managed to siphon BRC-20 assets from UniSat’s Ordinals marketplace due to a codebase vulnerability.

BRC-20, short for Bitcoin Request for Comment, is a token standard that facilitates the creation of fungible assets on Bitcoin’s network, similar to Ethereum’s ERC-20. It is considered a key component for decentralized finance (DeFi) applications on Bitcoin’s blockchain.

The BRC-20 standard was created by pseudonymous developer Domo in March of the previous year, building on the Ordinals protocol initially developed by Casey Rodarmor. Since its inception, the BRC-20 market has grown to a value of $3 billion, according to CoinGecko.

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