Bitcoin Wallet UniSat Warns Of a Fake Apple iOS Application

(CTN News) – Earlier this month, UniSat, a Bitcoin wallet provider that offers a decentralized digital asset storage solution that is designed to be used by the cryptocurrency community, alerted the crypto community to the existence of a fake iOS app.

Zunyi Yibai Network Technology has provided an imitation of the Satellite wallet named “unisatWallet” for sale on the internet.

In spite of the fact that it’s unclear how long the Zunyi Yibai app has been available on Apple’s App Store, and crypto.news was not able to verify the people behind the app. It should be noted that at the time of this writing there were no reviews of the app, and users had not reported any losses due to it.

It’s likely that the counterfeit Bitcoin wallet was created in order to steal users’ assets by obtaining private keys as well as compromising seed phrases in order to steal users’ bitcoins.

A private key is an alphanumeric feature that is attached to a crypto wallet for the purpose of securing it. Seed phrases are also alphanumeric features.  In order to make use of these components, participants can recover their wallets on different devices or migrate them to different devices.

In the opposite situation, hackers can also use these tools to drain tokens from decentralized addresses through the use of these tools.

It was reported last year by the startup that it had over 300,000 weekly users using its Bitcoin wallet. Using the Google Chrome Store analytics, the data was cited for the purposes of this article. As with other wallet solutions like MetaMask, UniSat is primarily a browser add-on which allows users to utilize the wallet solutions via their PC when on the go, much like MetaMask.

Bitcoin BRC-20 double-spend exploit rocks UniSat

Almost a year has passed since UniSat was victimized by a double-spend attack. There was a bug in the platform’s codebase in April 2023 that allowed exploiters to siphon off BRC-20 assets from the platform’s Ordinals marketplace.

An acronym for Bitcoin Request for Comment, BRC-2O is a token standard that powers the creation of fungible assets on the Bitcoin network. The concept is similar to Ethereum’s ERC-20 and is being offered as a distribution mechanism for defi on the Bitcoin blockchain.

Domo, a pseudonymous developer, created the standard based on the Ordinals protocol designed by Casey Rodarmor in March last year. CoinGecko estimates that the sector has grown to a market value of $3 billion since then.

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