Apple Approved Bitcoin Scam App Robs Man Of $600,000

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.

However, every now and then a bad actor slips through, as was the case for iPhone user Phillipe Christodoulou. According to the reports, Christodoulou was looking for an app for his iPhone that could help him check his bitcoin balance. He discovered an app in the App Store called Trezor, named after the company that makes the hardware that his bitcoin is stored on. It even had the company’s logo which made him believe 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 he discovered 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 originally 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, but it was only after the app was approved that the developer then changed it to a cryptocurrency wallet which Apple failed to realize.

Tyler Lee
Categories: Apple, Cellphones
Tags: Apps, bitcoin, iOS, Social Hit