1Inch Exchange Fake Mobile Application Brandon Larsen

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Brandon Larsen and 1Inch Exchange

Brandon Larsen went to download an application for the 1Inch Exchange, and instead downloaded a malicious application which likely requested his seed phrase. In a few minutes, his cryptocurrency was all taken.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

About 1Inch Exchange

"The trader wanted to download the app for 1inch, an exchange for Ethereum - a type of blockchain currency.

"The crypto fanatic shared a screenshot of his account two hours before to show his wife the progress he had made trading the volatile currency."

"Balance = $384,006 in this wallet. Total balance in all wallets was about $691,000," he explained."

"[U]nfortunately the actual app he downloaded was a similar-looking scam."

"And 2 Hours Later…$0 Everything taken. It took them 3 minutes to clean me out."

"Brandon Larsen, from Utah, was left devastated after ruthless hackers wiped more than half of his £506,000 (USD$700,000) crypto fortune in minutes."

“Unfortunately it was a lookalike app and I gave access to my digital wallet to a hacker," he told KUTV.

"I’ve shed a lot of tears, I’m not going to lie," said Brandon.

"Obviously this is devastating. Not only the immediate loss but the potential of the cryptocurrencies I had in the wallet will be worth no less than $1MILLION dollars in 2021," he wrote.

This exchange or platform is based in United States, or the incident targeted people primarily in United States.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

This sections is included if a case involved deception or information that was unknown at the time. Examples include:

• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - 1Inch Exchange Fake Mobile Application Brandon Larsen

Date	Event	Description
July 9th, 2021 7:31:48 AM MDT	The Sun Article	The situation is posted about in The Sun.

Technical Details

This section includes specific detailed technical analysis of any security breaches which happened. What specific software vulnerabilities contributed to the problem and how were they exploited?

Total Amount Lost

The total amount lost has been estimated at $384,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.