The FBI is warning people in the United States to be vigilant as cyber criminals are using fraudulent cryptocurrency investment applications to steal funds from U.S. investors.

The agency identified the threat actors operating under different names, such as Yibit (between October 2021 and May 2022) and Supayos aka Supay (in November 2021).

The attackers persuaded victims to install fake apps and deposit money into wallets allegedly linked to the victim’s app accounts.

In total, the FBI estimates that cybercriminals stole about C$42.7 million from 244 victims.

“The FBI has observed cyber criminals contacting US investors, fraudulently claiming to offer legitimate cryptocurrency investment services, and convincing investors to download fraudulent mobile apps, which the cyber criminals have used with increasing success over time to defraud the investors of their cryptocurrency,” the FBI said in a warning issued Monday.

Other cybercriminals also posed as legitimate U.S. financial institutions to defraud dozens more victims of millions of dollars worth of cryptocurrencies.

The attackers used a similar tactic, tricking victims into installing a malicious app and depositing cryptocurrencies in wallets allegedly linked to the victim’s accounts on the app.

The sources for this piece include an article in BleepingComputer.