Bithumb Releases Guide to Prevent Fake Trading App Scams, Urges Users to Verify Official Sources

Bithumb on July 13 released a guide to help prevent fake trading app scams as part of its July information security campaign.

The exchange designates the second Wednesday of each month as Information Security Day and runs regular information security campaigns for customers and employees.

According to the company, fake trading apps have recently evolved beyond simply copying the names and designs of legitimate applications. Some appear to work normally at first and later add malicious functions through updates. Bithumb said more cases are also using manipulated reviews and ratings to build credibility and evade screening by official app marketplaces.

Bithumb also introduced representative damage cases. In one type of scam, users are persuaded to install fake apps resembling overseas virtual asset, or cryptocurrency, trading platforms and then enter wallet recovery seed phrases, allowing criminals to steal their assets. In another, users install apps mimicking South Korean public agency applications, which then request excessive permissions to extract personal information or remotely control the device.

To prevent such damage, Bithumb presented three security principles: install apps through links or QR codes on official websites rather than through search results or advertisements; check whether the developer name matches the official company name and treat excessively positive reviews as potentially manipulated; and inspect for possible malware infection if an app requests permissions unrelated to trading, such as access to contacts, text messages or phone calls, or if battery and data use rises sharply after installation.

If a fake app has already been installed, users should immediately block all network connections, including Wi-Fi and mobile data, to prevent further information leaks, Bithumb said. It also advised users to take account protection measures from another safe device, including changing their Bithumb account password, resetting two-factor authentication, deleting API keys and reviewing the withdrawal address whitelist. If suspicious transactions are detected, users should freeze their accounts through Bithumb's Investor Protection Center, while infected devices should undergo antivirus scans or a factory reset.

A Bithumb official said fake app scams are becoming sophisticated enough to exploit trust in official marketplaces. The official added that carefully checking the official source and developer name before installation is the most reliable way to protect valuable assets.