Criminals mimic Poloniex in Google Play

Fake Poloniex cryptocurrency trading apps found in Google Store
26 October 2017   1941

One of the most popular cryptocurrency exchanges, Poloniex, fells prey to cybercriminals. Thus, due to the Poloniex's lack of an official app, the fraudsters managed to lure users into downloading credential stealing malware.  

ESET security researchers discovered variations of the app in the Google Play store on two separate occasions:

  • “Poloniex”, which was downloaded up to 5,000 times, despite having bad reviews
  • “POLONIEX EXCHANGE” using the developer name “POLONIEX COMPANY”,  was downloaded by up to 500 users

The app managed to harvest Poloniex login credentials as well as to trick victims into making their Gmail accounts accessible to the malicious app allowing them to control notifications to the user about unauthorized logins and transactions. Once exploited, the app attempts to appear functional by redirecting users to the mobile version of the legitimate Poloniex website.

If you're a Poloniex user and have installed any of these malicious apps on your device, start by uninstalling them. Make sure to change both your Poloniex and Gmail passwords and consider enabling 2-factor-authentication for both services.
 

ESET research team

Both Google and Poloniex have been notified of the malicious imposters. In order to prevent similar attacks, the users are recommended to check twice before downloading and using any app, to pay attention to app ratings and reviews, and be cautious of third party apps triggering alerts and windows appearing to be connected to Google.  

Poloniex to Compensate User Losses Due to CLAM Fall

The price of CLAM on May 26, 2019 fell by almost 70%, which resulted in a large number of uncovered marginal positions and losses
18 March 2020   354

Cryptocurrency exchange Poloniex reported on measures taken to eliminate the consequences of the incident on the CLAM market, during which many users suffered losses.

The price of CLAM on May 26, 2019 fell by almost 70%, which resulted in a large number of uncovered marginal positions. The amount of losses of users lending to the positions of others amounted to 1800 BTC or more than $ 9 million at the current rate.

We fully recognize that the situation could have been handled more professionally and know that we need to regain your trust. 53 customers have been fully repaid through these initiatives, and we know this isn’t nearly enough.

 

Poloniex

More than 1,000 people with arrears of 0.0047 BTC or less received full compensation. Losses of other clients so far have only been partially compensated.

Also in April, the exchange agrees to pay commission for lending from June 6, 2019. In the future, Poloniex will continue to pay commissions until the debt is fully paid.

Even though reimbursing trading fees may not be meaningful for all customers, we are committed to continuing it as many of you are actively trading on our platform and accelerating your repayment as a result.

 

Poloniex