A fake Curve Finance app has infiltrated Apple's top 100 finance apps, misleading users and raising concerns about DeFi scams.
A counterfeit application posing as the decentralized finance (DeFi) platform Curve Finance has gained traction in the Apple app store, ranking among the top 100 finance apps on October 26. Despite being flagged by multiple users as a scam, the app is trending in regions including Europe, Latin America, New Zealand, the United States, and Southeast Asia, putting unsuspecting users at risk.
The fraudulent app, developed by "Tao Duong Van," misleads users by mimicking the Curve Finance logo and functionality of the legitimate Curve platform. It claims to offer features like token swaps, liquidity staking, and DeFi services. However, all reviewers have reported it as one out of five stars, labeling it as a “scam” or “hacker” in their reviews.
One image the fraudulent app uses states that it boasts over “30 million global users,” attempting to establish false credibility and convince victims to download and use it.
The fake Curve Finance Apple store app was highlighted in a post on X by user fintech engineer and app store scam identifier Babu. His tweet was among the first to identify the issue, tagging the official Curve Finance X account and warning users to “stay vigilant and report suspicious apps!”
For now, users are advised to report the fake app and avoid engaging with it while it remains on the Apple app store.
This is not the first time a fake app impersonating Curve Finance has been listed on the official Apple app store. On February 14, Curve Finance warned the X community to “beware of scams” and that there is no DeFi Curve App on the app store after discovering a fake app using the DeFi platform’s logo. The unauthorized app was listed with MK Technology as its creator and was rated 4.6 out of 5 stars with nine reviews, promoting itself as a “powerful app” for managing borrowers and their loans.
The rapid ascent of the fake Curve Finance app raises significant concerns about the security measures in place to protect users in the cryptocurrency space. Curve Finance, a prominent decentralized exchange (DEX) for stablecoins, has gained considerable trust in the crypto community, making the appearance of a counterfeit app particularly concerning.
Unsuspecting users downloaded the fake app, which reportedly harvested sensitive data and, in some cases, led to the theft of funds. The app’s design closely resembles the real Curve Finance interface, making it difficult for users to discern its legitimacy at a glance.
This incident highlights the growing sophistication of scams targeting cryptocurrency users and the ongoing challenge of regulating and policing digital marketplaces. As the DeFi sector grows, enhanced vigilance will be essential to prevent further fraudulent schemes that jeopardize user assets and trust in the industry. Users are encouraged to rely on official websites for links to any app and to verify app developers to avoid potential scams.
