Apple App Store scam sees users losing $1.6 million in Bitcoin

 Apple App Store scam sees users losing $1.6 million in Bitcoin


Apple customers have misplaced over $1.6 million value of Bitcoin and different cryptocurrencies to hackers after falling victims to a classy phishing assault involving a faux model of the favored Trezor pockets on the agency’s ‘App Retailer,’ reported the Washington Post on Tuesday.

Shedding Bitcoin to faux apps

It was the quintessential proper factor of their thoughts: They selected a {hardware} pockets app, despatched it their Bitcoin or typed of their personal keys, and embraced the ‘chilly’ storage technique of storing their property as an alternative of trusting third-party, unregulated exchanges.

However that’s the place issues went flawed. The Trezor app they downloaded turned out to be a faux of the authentic {hardware} pockets, that means any Bitcoin despatched to (or any personal keys entered in) such a faux pockets deal with was pocketed by the cyber thieves themselves, as an alternative of discovering a technique to secure storage.

One such sufferer was Phillipe Christodoulou, who downloaded the faux Trezor final month to verify his pockets steadiness as Bitcoin costs shot via the roof. He downloaded the app, typed in his personal credentials, and, nearly instantly afterward, misplaced over 17.1 Bitcoin—value $600,000 on the time and price a major chunk of his life financial savings.

Christodoulou’s not alone. Coinfirm, a UK-based crypto investigations and laws, claims to have obtained over 7,000 inquiries about stolen crypto property since October 2019. It provides that such faux apps in Google’s Android Play Retailer and the App Retailer are widespread.

As per the agency, 5 folks have confirmed to have misplaced cryptocurrency stolen by the faux Trezor on App Retailer for losses totaling $1.6 million. Three different customers, alternatively, have misplaced over $600,000 in crypto to faux Trezor apps on Android.

Apple, on its half, has not but named the developer of the faux Trezor app or offered their contact info to victims. The agency has, moreover, not revealed if it has offered any info to regulation enforcement.

No matter occurred to Apple’s famed safety?

Apple merchandise and the App Retailer are long-regarded for his or her security and safety features, that means the presence of rip-off functions comes as a shock to many. The agency actively curates its retailer and passes every app via intensive high quality checks earlier than their itemizing—a transfer that helps improve buyer belief.

It’s why customers like Christodoulou are angrier at Apple than the hackers themselves. He says Apple marked the faux Trezor app as a ‘secure and trusted’ one, trusting the agency’s safety as an alternative of utilizing his personal discretion.

“They betrayed the belief that I had in them. Apple doesn’t should get away with this,” he mentioned in an announcement.

Apple, on its half, says it does take motion in opposition to such scams. “Within the restricted cases when criminals defraud our customers, we take swift motion in opposition to these actors in addition to to stop comparable violations sooner or later,” mentioned Apple spokesperson Fred Sainz.

However it might probably do little if the rip-off has already taken place. And for some, which means the $1.6 million value of Bitcoin is gone…without end.

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Posted In: Bitcoin, Scams

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