Investigators Connect Fake Rabby Wallet Scam to Dubai’s Crypto CEO Konstantin Pylinskiy
In a disturbing twist of events, victims of a fake Rabby Wallet scam that slipped through Apple’s app review process in February have collectively lost $1.6 million. The fraudulent wallet posed as DeBank’s legitimate Rabby Wallet on the App Store, deceiving crypto holders into transferring their funds into a black hole. What began as isolated reports has now evolved into an investigation revealing a larger network of scams tied to a crypto wallet labeled “Konpyl”—with links leading to a prominent Dubai-based CEO, Konstantin Pylinskiy.
How the Rabby Wallet Scam Slipped Past Apple’s Review
The fake Rabby Wallet was available on the Apple App Store for just four days, but during that time, it siphoned away significant amounts of cryptocurrency from unsuspecting users. Victims, trusting the app’s presence on the reputable store, believed it was safe.
One victim, known as Bthemouth, shared his harrowing experience with Magazine: “I never once thought it would be a scam since I had complete faith in the Apple App Store. About 20 to 30 minutes later, I opened my Rabby wallet and saw my balance had basically gone to zero.” Bthemouth’s drained funds were traced to a Rabby Drainer (RD) wallet, beginning a digital trail that would soon reveal a far-reaching scam operation.
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Blockchain Analysis Unveils “Konpyl” as a Key Player
Blockchain sleuths quickly linked the RD wallet to another crypto wallet tagged “Konpyl” on OpenSea, a popular NFT marketplace. While the wallet’s name has since been altered, platforms like Arkham Intelligence verified its previous identity. The rabbit hole deepened when blockchain investigators discovered Konpyl’s involvement in not just this scam, but a broader network of fraudulent activities.
The Dubai Connection: Konstantin Pylinskiy Under Scrutiny
As investigators delved further, they uncovered a series of alarming connections between the Konpyl wallet and Konstantin Pylinskiy, CEO of Moonward Capital, a Dubai-based investment firm. Although no direct accusations have been made, Pylinskiy’s online persona “@konpyl” has been associated with suspicious transactions and the wallet used in the scam.
When Magazine reached out to Pylinskiy for comment via Telegram, he initially responded with “How can I help you?” However, after being questioned about his connection to the Rabby wallet scam and the Konpyl wallet, he abruptly stopped responding. Attempts to contact Moonward Capital for clarification also went unanswered, leaving investigators and victims in the dark.
How Konpyl Conceals Its Tracks: A Master of DeFi Laundering
The Rabby Drainer scammer displayed considerable sophistication in hiding their tracks, using DeFi (Decentralized Finance) services like Uniswap and 1inch to break down large amounts of stolen funds into smaller, harder-to-trace transactions. These funds were frequently transferred through Rhino, a multichain bridge favored by the scammer for laundering assets.
Blockchain analysis revealed a staggering $173,000 funneled through Rhino into the Konpyl wallet. Further scrutiny identified multiple wallets used to consolidate and redistribute funds, adding layers of complexity to an already intricate fraud. These methods of splitting funds and laundering them through various decentralized platforms allowed the scammer to evade detection for extended periods.
A History of Scams: Konpyl’s Seven-Year Trail of Fraud
While the February Rabby Wallet scam is the latest in a string of attacks, investigators believe the person behind Konpylhas been engaged in similar activities for at least seven years. According to a private investigator collaborating with authorities, Konpyl has been linked to 20 different cases, seven of which have been independently verified by Magazine.
“He’s been doing this for years, targeting individuals who invest their life savings,” the investigator said. This history of scams suggests that the Konpyl wallet is not only central to the Rabby wallet incident but may also be tied to a network of ongoing fraudulent schemes.
Phishing, Fake Wallets, and Other Tactics Used by Konpyl
Further blockchain research uncovered a pattern in the way Konpyl executed scams. Besides the fake Rabby wallet, multiple victims were swindled using phishing links shared on social media, and fake KYC (Know Your Customer) credentials were used to open accounts across various exchanges. These sophisticated tactics make it difficult to pinpoint the culprit or recover stolen funds.
Victim Impact and Ongoing Investigations
Despite their efforts, most victims have lost hope of recovering their funds. One of the earliest victims, Bthemouth, expressed frustration: “I’ve done everything I could, but it feels like a dead end.” A group of victims initially banded together, but as time passed, many resigned themselves to the fact that their funds were gone.
However, there may still be hope for justice. Law enforcement agencies, alongside private investigators, are actively pursuing leads. The Konpyl wallet remains at the center of investigations, with digital detectives tracking its activity across exchanges and tracing fund movements in real-time. A U.S. government agency has confirmed to Magazine that they are involved in the investigation, raising the possibility of future legal action against those responsible.
Apple and Google: The Battle Against Fraudulent Apps
The fake Rabby wallet scam has raised significant questions about tech giants’ role in preventing fraud. While Apple has not issued a public response to the scam, experts argue that the platform’s rigorous vetting process failed to detect and stop the malicious app.
In contrast, Google has been more proactive in addressing fraudulent apps. Earlier this year, Google sued a group of crypto scammers who defrauded more than 100,000 people using deceptive apps on the Google Play Store. The lawsuit set a precedent for tech companies taking responsibility for security breaches on their platforms, leaving many victims wondering if Apple will follow suit.
The Future of Investigations: Can Victims Find Justice?
Although many victims of the fake Rabby Wallet scam have moved on, ongoing investigations offer a glimmer of hope for recovery and accountability. With Konpyl at the center of a tangled web of blockchain scams, it remains to be seen whether authorities will catch up to the perpetrators behind the $1.6 million stolen in the Rabby incident.
As crypto scams continue to evolve in sophistication, the need for stronger regulatory oversight and platform accountability grows more urgent. For now, blockchain detectives and investigators remain dedicated to unraveling the fraud that has caused untold financial and emotional damage to its victims.
