Fake app in Apple App Store stole $600K+ Bitcoin

Fake app in Apple App Store stole $600K+ Bitcoin

PEOPLE | March 31, 2021 | WOZINGA NEWS

Fake app in Apple App Store stole $600K+ Bitcoin

  • Phillipe Christodoulou blames Apple due to the incident.
  • Apple removed the fake Trezor app but did not provide further details about it.
  • There are common fake app complaints found in the App Store. 

By Marielle Patere Wozinga Journalist

Phillipe Christodoulou, a bitcoin owner, became one of the victims of a scam crypto wallet app on the App Store, and he blames Apple for the incident.

The Washington Post reported 17.1 BTC were stolen worth over $600,000 at the time of the theft.

Like a legit app

Christodoulou explained the scenario. Since he kept his cryptocurrency in Trezor, he searched the Trezor app in App Store to check his bitcoin balance last February.

He never thought it was a scam since it used the Trezor color background and padlock logo. Besides, the copycat Trezor application boasted almost five stars. By that time, it gave him the impression that it was a certified app.

Meanwhile, Christodoulou blames Apple due to the incident. He feels that the tech company betrayed him.

Also, The Washington Post stated that Christodoulou already filed a report to the Federal Bureau of Investigation.

Banned the scam app

The developer of the fake crypto wallet app said there were no cryptocurrencies involved, Apple explained. But then, after its submission, the developer of the fake app changed it into a crypto wallet. That is why Apple could not detect it immediately.

Fred Sainz, an Apple spokesperson, told the Washington Post that tech company takes immediate action when scammers defraud their users, and they constantly strengthen the App Store’s protections.

Furthermore, the company commented they removed 6,500 apps for their undocumented and questionable features last year. Then, they assured that they removed the fake Trezor app and banned the developer after the Trezor company officially reported it.

However, Apple did not provide further details if the fake Trezor apps existed in the past, the developer’s name, and neither if they reported it to authorities.

Common fake app complaints

The fake application looked like a legitimate app. Coinbase, the UK-based crypto regulation company, said they received more than 7,000 queries about stolen crypto assets.

Besides, there are common fake app complaints found in the App Store and Google Play. The scam application looked like a legitimate app that lures cryptocurrency owners.

The data from Sensor Tower showed the result. The fake Trezon app was on the App Store from Jan. 22 to Feb. 3. and used more or less 1,000 times.

Two days after there was another fake app appeared; Apple removed it. Then another iPhone user lost $14,000 worth of bitcoin and ether because of the fake app.

Is Apple greatly accountable for the fake app incident?

Created with Perfect Survey

Statistics - View the results

Leave a Reply

Your email address will not be published. Required fields are marked *