Blockchain security experts have uncovered a malicious mobile application, BOM, responsible for stealing over $1.82 million in cryptocurrency. According to blockchain security firms SlowMist and OKX Web3 Security, the app secretly accessed users' private keys and mnemonic phrases.

Analysis of stolen funds movement from the BOM creator across multiple DEXs | Source: SlowMist

SlowMist's February 27th report detailed the first unauthorized transactions occurring on February 14th. On-chain analysis revealed BOM as a fraudulent app that tricked users into granting excessive file access permissions. Once granted, the app scanned the device, exfiltrated wallet data, and transmitted it to a remote server.

The app's request for unnecessary permissions, such as access to photos and media, was flagged as highly suspicious. SlowMist noted, "On iOS, the app deceptively requests permissions, claiming this access is necessary for normal operation. This behavior is highly suspicious—a blockchain application has no legitimate reason to require access to the photo gallery."

SlowMist tracked the stolen funds across multiple blockchains, identifying at least 13,000 victims. The main hacker address (0x49aDd3E…) transferred funds through BNB Chain, Ethereum, Polygon, Arbitrum, and Coinbase's Base. Stolen cryptocurrencies included Tether (USDT), Ethereum (ETH), Wrapped Bitcoin (WBTC), and Dogecoin (DOGE).

While the perpetrators remain unidentified, SlowMist analysts observed the app's backend services were offline during their investigation, suggesting an attempt to conceal their activities. Some funds were laundered through decentralized exchanges like PancakeSwap and OKX-DEX.