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iPhone User Scammed: $600,000 Stolen By Fake Crypto App

While many developers have complained about Apple’s strict and sometimes draconian review process of apps for the App Store.

There is a good reason behind that as Apple wants to ensure that no malicious apps or malware disguised as apps make their way into the App Store ecosystem.

Nevertheless, now and then, a bad actor slips through, as was the case for iPhone user Phillipe Christodoulou.

As cited in the reports, Christodoulou was searching for an app for his iPhone to check his bitcoin balance. He found an app in the App Store called Trezor, named after the company that makes his bitcoin hardware. It even had the company’s logo, which made him think it was legitimate.

He then downloaded the app, entered his credentials, which ultimately resulted in bitcoin worth $600,000 being stolen from him. It was only after discovering that this was a scam app that was masquerading as a legitimate bitcoin app. While the blame is definitely on the developer behind the scam app, Christodoulou feels that Apple is also to blame as they are the ones who are supposed to review and approve/reject apps submitted to the App Store.

According to Apple, this was the result of a bait-and-switch. The app was initially submitted as an encryption app to encrypt iPhone files and store passwords. The developer also told Apple that the app was not related to cryptocurrency. Still, it was only after the app was approved that the developer then changed it to a cryptocurrency wallet which Apple failed to realize.

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