Latest Monero Wallet Scam Aims to Pocket Users’ Monero Funds

The Wallet-Monero scam has taken advantage of users who simply wanted a wallet solution for their XMR.

Monero’s latest rise in popularity seems to have encouraged emerging scams targeting the cryptocurrency. Despite the rising demand, there has been a glaring gap in the Monero (XMR) market which is a lack of wallet solutions for XMR users. Cryptocurrency users, as a rule, do not keep their funds on their exchange platform. However, this lack of wallet solutions for XMR users has given rise to scams, the latest one involving a fraudulent XMR wallet, Wallet-Monero.

The website is misleading as it immediately seems trustworthy and legitimate. However, users should note that Wallet-Monero has no endorsement from the Monero team or community, despite its professional website. So far, XMR users’ wallet options are limited to MyMonero, Ledger, and TREZOR, who aims to add support for XMR in the coming months.

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The list of Monero-approved wallet apps does not list Wallet-Monero. Since the app has no official endorsement from the team, users have been advised to avoid using the service. The only approved wallet service provider is MyMonero. This wallet was created and maintained by the actual XMR team. The simple rule of thumb for users should be; if it is not listed on the official Monero site, the service is likely fraudulent.

What’s perhaps more surprising is that there have been previous instances of wallet scams targetting Monero users under the same name. A previous scam, also called Wallet Monero, allowed users to convert any cryptocurrency into XMR and store their holdings online. While it is not yet confirmed whether these two scams are related, the similarities in name, as well as their website design has caused several users to believe that the fraud might be originating from the same administrator.

Monero is a cryptocurrency which is mostly used by a very tech-savvy user base which, fortunately, limits the potential danger of the fraudulent scam. However, considering the rising popularity of Monero, similar scams are likely to emerge in the future.

Another worrying aspect of Wallet-Monero is that they claim that the website’s rights are reserved by the Monero team. This is particularly dangerous, as it could mislead users into trusting the website. While the website’s contact address features the same one that is listed on the WHOIS database, the legitimacy of the site is questionable at best. In addition, the website has several worrisome incongruities such as listing the feature of 24/7 support, while also stating their support hours of 9 AM – 7 PM on Mondays to Saturdays.

Lastly, the website’s domain was registered just last week, which questions the website’s legitimacy even more. The latest scam has perhaps proved that all users should remain vigilant when searching for wallet solutions, as scams such as these could have potentially damaging effects.

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