Titanium Wallet is a scam crypto self-custody wallet app which is being used to scam would-be investors in a several different ways.
Some victims of this scam are being told that the proceeds from a long-lost investment have been converted into cryptocurrency such as Bitcoin and placed in a Titanium Wallet address.
All the victim needs to do to secure the funds – which have soared in value from the original investment – is pay a significant percentage of the crypto in fees.
However, the scammers explain that they cannot access the crypto to pay the fees and that the payment will have to come from a legitimate crypto exchange and be sent to a wallet address unrelated to the Titanium app.
Another scam involves using Titanium Wallet to fund an investment with the promise of huge profits.
The wallet balance is spoofed to show growing profits but the reality is that no crypto exists in the wallet as the investor’s funds have been siphoned off elsewhere.
How to spot the Titanium Wallet scam
The Titanium Wallet website and app are reasonably well designed and could fool someone unfamiliar with the crypto ecosphere.
However, there are multiple issues including:
- A very new domain which is very often a sign of a scam.
- Social media channels have very few followers.
- The name of the wallet changed from Invest Wallet with no explanation.
- Multiple reports of the wallet being a scam online.
- No official apps – they come in the form of directly downloadable .APK files which can be dangerous and can potentially harbour malicious software.
- A Domain Authority (DA) rating of 1 which is the lowest possible and suggest very little traffic.
- No information about the development team behind the app which is highly suspicious.
Unfortunately, it’s highly likely that your money will be lost forever if you’ve used this scam app.
There are also private companies that might be able to help which I’ve written about here.
Have you had any experience with this platform? Kindly share your thoughts in the comment section to help others stay informed and safe.