Getting into cryptography? A browser extension is draining accounts

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Cryptocurrencies like Bitcoin have seen a huge explosion in popularity over the past few years. The price of a single Bitcoin has skyrocketed exponentially since its introduction, prompting many people to jump into the virtual cryptocurrency unit. Tap or click here for 12 questions you’re too embarrassed to ask about Bitcoin.

Since this is an online only product, you need to store them somewhere. Just like real money, you can put your digital money in a wallet. Many companies provide wallet services, promising to keep them safe and make them available when you need them.

But if you’re new to cryptocurrency, you might not be familiar with all of the different companies. And there is one that you should seriously avoid at all costs. It is a browser extension which is used to scam people.

Here is the backstory

There is a legitimate digital wallet called Safepal that many people use. But a recently discovered scam website has tricked crypto enthusiasts into assuming a similar name and appearance. It is available as a Mozilla Firefox browser extension called Safepal Wallet.

The extension is an easy way to view your crypto balance and to pay for goods and services. The real Safepal has iOS and Android apps, but it doesn’t have a Firefox extension.

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An online user by the name of Cali downloaded the Safepal Wallet extension but soon realized that something was wrong.

Detailing what happened on a Mozilla support forum, Cali said that within hours of installing the extension, her wallet balance fell from $ 4,000 to $ 0. Mozilla has since removed the extension, but it was available for about seven months.

The extension may be gone, but according to BleepingComputer, the associated phishing website is still up and running. Much like the fake wallet, the website was designed to steal users’ data and money.

The website claims that you need to enter your 12-word backup phrase to associate the wallet with the extension. Anyone familiar with cryptocurrencies will immediately understand that this is a bad idea. Once the criminals have your save phrase, they can take over your wallet and drain your funds.

What can you do about it

The first thing you need to do to stay safe when dealing with cryptocurrencies is to get yourself a Kims eBook. In Cryptocurrency 101: A Beginner’s Guide to Buying, Selling, and Spending Digital Currency Safely, Kim covers topics such as the importance of your password, buying and storing currencies, and how to keep up with the market.

But when looking for a wallet to use, always approach it with caution. Research the company and the service and read reviews about it. If there are any signs of foul play, stay clear.

It’s also a good idea to join a crypto group on social media to see what’s popular among users who have been doing this for a long time. As we have already pointed out, there are many crypto scams out there.

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