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iPhone user loses his life savings to fake Bitcoin app approved by Apple

iPhone user ended up losing all his savings after he downloadeda fake Bitcoin app from Apple App Store.

twitter-logoAnkita Chakravarti | April 1, 2021 | Updated 10:28 IST

Highlights

  • iPhone user lost over $600,00 to fake Bitcoin app.
  • Phillipe Christodoulou wanted to check his Bitcoin balance and so he looked for an app called Trezor.
  • Trezor app was designed to fool Bitcoin owners and ob them of their savings.

Users are always advised to download apps only from Google Play Store and Apple App Store to prevent fake apps from getting into the phones. But what happens when a fake app is approved by one of the verified app stores? Something similar happened with an iPhone user who ended up losing all his savings after he downloaded a fake Bitcoin app from Apple App Store. The user lost over $600,00 at the time of theft.

As per Washington Post, an iPhone user Phillipe Christodoulou wanted to check his Bitcoin balance and so he looked for an app called Trezor on App Store. He spotted an app that had the Trezor logo with a green background. Without checking whether it is the original or not, Christodoulou downloaded the app and entered his credentials. Before he realized that the app was not genuine, Christodoulou had lost all his Bitcoin savings.

The fake Trezor app was designed to look like the original Trezor app. However, it turns out that the app maker had created it to fool the bitcoin owners and rob them of their savings. But the bigger question is how did the fake app clear Apple's review process. "Apple doesn't deserve to get away with this," Christodoulou told the Washington Post. Notably, Apple reviews all the apps that are submitted to the App Store before rolling out the apps on its platform.

Acknowledging the gaffe, Apple said that the fake Trezor app maker told the company that it has nothing to do with cryptocurrency and it is a "cryptography" app that would encrypt iPhone files and store passwords. However, once the app was submitted, it converted into a cryptocurrency app but Apple failed to detect that.

"User trust is at the foundation of why we created the App Store, and we have only deepened that commitment in the years since. Study after study has shown that the App Store is the most secure app marketplace in the world, and we are constantly at work to maintain that standard and to further strengthen the App Store's protections. In the limited instances when criminals defraud our users, we take swift action against these actors as well as to prevent similar violations in the future," Apple spokesperson Fred Sainz told The Washington Post.

Apple has now removed the fake Trezor app from the Apple App Store after it was reported multiple times by the original Trezor company. It was also reported that another fake cryptocurrency app had popped up days after Apple removed Trezor but Apple managed to remove that too.

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