Fake Ronin Wallets Drain Users’ Funds

August 03, 2021, 11:00 AM AEST - 1 month ago

A number of fake Ronin wallets have been spotted circulating on the Google and Apple app stores. The fake wallets trick users into giving up account information, then drain the funds or collectibles held within.

The uptick in Ronin wallet scams parallels the increase of fake wallets across mobile platforms. According to the legitimate Axie Infinity (ASX) page, the company has only released extensions for browsers and has “no Ronin Mobile Wallet at the moment”.

According to Axie Infinity, the wallet is “your boarding pass to a new digital nation” by allowing an extension that lets users play Axie Infinity (ASX) and other decentralised applications running on Ronin, an Ethereum sidechain built specifically for blockchain games.

Various reddit users and members of the Axie community have cautioned against the fake wallets and fake Ronin/Metamask support circulating on the web and among dedicated Telegram and Discord groups.

Some users have taken to Twitter, asking developers to implement more safety and compliance measures to keep users’ Axies safe.

Scams have been a problem in the crypto space and come in various forms. Even the well-known hardware wallet company Ledger has suffered from scams where people selling fake Ledgers could get access to the funds.

Axie a Leader in NFT Gaming

Valued at just under US$5 in June of this year, the AXS token is currently trading in the US$35 to US$45 range, putting the project’s native NFT platform above OpenSea and Dapper Labs’ NBA Top Shot, which have been dominating the market for most of 2021.

With over 250,000 active daily players, much of the success of Axie Infinity is attributed to its community of players who collect, battle and trade digital creatures. Its revenue is earned by charging a fee when players buy and sell Axie NFTs in its marketplace, and by collecting fees for creating and breeding axies.

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.