Chinese Wifi password-stealing app raises $50M

Wifi Master Key, an app which crowdfunds login credentials enabling users to access hotspots without a username or password, recently raised $50 million in a venture capital funding round.

The app shares login credentials among 270 million users of China Mobile hotspots – one of the country’s largest telecom companies - in all major Chinese cities, allowing them to get around a lengthy login process.

Chinese analysts say Wifi Master Key was the country’s 21st most popular app in March.

Although unconfirmed reports by a Chinese tech blog guessed Master Key’s valuation at $1 billion, the true valuation may be lower due to security risks and rival competition, according to Fortune.

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