Downloading the wrong virtual wallet on the App Store, the man was tricked into losing $ 600,000 worth of bitcoins

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2021-03-31 09:22:28

A cryptocurrency owner named Phillipe Christodoulou discovered an app he installed on his iPhone was a fake last February, when checking his savings. The app, believed to be a companion product of crypto storage device maker Treznor, turned out to be unaffiliated with the company.

Mistakes have cost him dearly. Christodoulou claimed he had lost 17.1 bitcoins, worth about $ 600,000 at the time. This rogue app transferred all of the cryptocurrency to the scammers behind it.

While it is listed in the App Store under the Treznor brand, the cold wallet company says it doesn’t create any applications for its hardware products. And the thieves took advantage of this vulnerability to create an app and store it on the App Store in January, with the aim of stealing money.

According to Christodoulou, the aforementioned app has nearly 5 stars based on reviews, which has given him enough confidence in the app to download it. After the incident mentioned above, he said that he had lost faith in Apple, because the company had considered a good deal and allowed the application to appear in the App Store.

“They betrayed my trust in them”, Christodoulou said. “Apple doesn’t deserve to be overlooked for this.”

According to Apple, the app was able to enter the App Store by changing its purpose after being accepted into the store. The application was initially introduced as a “crypto” application and it is “unrelated to any cryptocurrency”. Apple has allowed it to appear in the App Store from January 22.

The app then converted its purpose into a crypto wallet, a move that Apple did not allow. After being notified by Treznor of the fake app, Apple withdrew it from the App Store and banned the developer, but soon another app called Treznor appeared on the App Store.

Basically, Apple initially banned e-wallets from appearing on the App Store, but then allowed them in 2014, placing many restrictions on how these apps work. However, there are many ways to buy cryptocurrency from iPhone and other Apple hardware.

“User trust is the cornerstone of why we created the App Store and we’ve only deepened that commitment over the years,” Apple representative said. “In a limited number of cases where criminals are defrauding users, we will take immediate action against them and to prevent similar violations in the future.”

Apple said it removed about 6,500 similar apps from the App Store by 2020 because of “hidden or undocumented features”, many of which were phishing apps.

Christodoulou is not the only one affected by this scam. Five users reported iOS app thefts with a total value of $ 1.6 million. The fake Treznor apps on Android are also believed to have stolen a total of $ 600,000.

Refer Apple Insider

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