The FBI has issued a warning to the public regarding the rise of fake apps and scams in pay-to-earn cryptocurrency games on mobile devices. Criminals are using these tactics to trick victims into giving them access to their digital wallets and steal their funds.

Fake Apps and Scammers in Pay-to-Earn Cryptocurrency Games

Scammers use social engineering to build relationships with targets, and then introduce a gaming app that promises cryptocurrency rewards in exchange for certain activities, such as farming on an animated farm. The criminals then encourage their victims to build a cryptocurrency wallet and add funds to it for more rewards. However, once the rewards stop being distributed, scammers will use malicious programs linked to the app to drain their victim’s digital wallet. In some cases, the scammers will even demand a fake fee to return the funds to the victim.

The FBI’s Tips for Protecting Your Cryptocurrency Wallet

To protect yourself while playing crypto games, the FBI recommends three tips:

1. Create a unique wallet specifically for gaming purposes to isolate your primary cryptocurrency holdings in case you unknowingly grant illicit actors access to your gaming wallet.

2. Use a third-party blockchain explorer to check the balances of the addresses in your gaming wallet independently.

3. Regularly use a third-party token allowance checker to identify which sites or apps have permission to access funds in your wallet and revoke those permissions as necessary.

Square Enix’s NFT Game Symbiogenesis

In other blockchain gaming news, Square Enix has announced that its upcoming NFT game, Symbiogenesis, will have 10,000 characters. The use of NFTs in gaming has faced criticism in the past, with Ubisoft’s Quartz program being a recent example.