New Clipper Malware Threat Targets Shiba Inu Community, Here’s What To Know

As the world of cryptocurrency continues to evolve, several new methods are being developed by cybercriminals to scam crypto users. One of the latest methods reported to be widely used by these imposters to steal users’ funds is the Clipper Malware.

Beware Of Rising Clipper Malware Scam

In a cautionary post on the X (formerly Twitter) platform, Shibarmy Scam Alerts has issued a warning to the Shiba Inu community and the general sector of the growing new clipper malware scam, actively targeting crypto transactions. This warning is a part of larger initiatives to safeguard all members of the community against growing cyber dangers within the cryptocurrency industry.

The clipper malware strategy, which is currently increasing rapidly in the community, was first discovered about 7 years ago, indicating that cybercriminals might be turning to past methods. Since then, it has been found in dubious Android apps. While Android devices are more commonly affected by malware, the team behind the account warns that it can now impact both Android and iOS users. 

Initially discovered on Windows, the clipper malware monitors copied cryptocurrency wallet addresses on users’ clipboards, allowing attackers to divert funds by intercepting and changing the copied addresses. Simply put, when a user copies an address, the software substitutes the intended address with the attacker’s address, and the attacker ends up receiving the funds once the transaction is made.

According to the team, crypto attacks via the clipper malware method have recently increased significantly in the industry, and many users have fallen victim to the scam. Major digital assets platforms like Binance, the world’s largest crypto exchange, have taken measures to counter this threat by blacklisting dubious wallet addresses and notifying users beforehand. Despite these measures, everyone in the crypto community is still at grave risk of falling victim to the scam.

Considering this rapid growth, the team has stressed the need for stricter security procedures, urging users to manually confirm wallet addresses before executing a transaction, interact with apps from trusted sources like Apple or Google Play Store, and exercise caution when engaging with unknown and unsecured platforms.

Imposters Targeting Shiba Inu’s Staking Platform K9 Finance

The Shibarmy Scam Alert has also alerted the Shiba Inu community about cyber criminals impersonating the project’s newly launched staking platform, K9 Finance. “We want to warn you about imposters trying to deceive our community around the K9finance launch,” the team stated.

Although the K9 Finance team has been actively combating DDoS attempts from these impersonators, phony groups and links on the Telegram platform continue to surface rapidly. Thus far, the team has urged users to be vigilant and only follow official K9 Finance links, while sharing the official links alongside the alert.

Featured image from iStock, chart from Tradingview.com