Scam: App Leads To An iPhone User Losing All Life Savings In Bitcoins

An iPhone user and cryptocurrency owner named Phillipe Christodoulou decided to go through his Bitcoin balance in February. After downloading the “Trezor” app via App Store, he entered his credentials and in the blink of an eye, he lost 17.1 Bitcoins, which are valued at $600,000. Later on, he found out that the app was fake and not at all related to Trezor in any way.

The Trezor app had a green background with a Trezor padlock logo. It appeared to be valid and the thing, which shocked me the most, was that it was downloaded directly from App Store. No third-party downloading was involved. This has raised serious questions on the validity of the App store.

For iOS users, App Store is considered the safest and most trusted application for all the authentic installations of apps. Now, iPhone users all over the world are raising concerns for their privacy and security at the hands of Apple. Also, the victim, Phillipe Christodoulou is holding Apple accountable for his loss. According to him, Apple let a fake app be installed from his phone and then, let it stole all his Bitcoins. Apple deserves to face the consequences and compensate all his lost money worth millions.

Sadly, Phillipe Christodoulou is not the only case of getting scammed at the hands of fake apps. According to reports, worth $1.6 million were confiscated illegally through the malicious app that was lost by four individuals through their cryptocurrency.

The Cupertino-based company claimed that the founders of the app using a “bait-and-switch” technique bypassed the App Store’s security. Apple was not capable enough to capture the scam of converting from the safe storage app developer to a cryptocurrency wallet, after being published and working on the App Store. According to the spokesperson for Apple, the app appeared in the store on the 22nd of January. The Trezor app tricked the App Store affirming that it does not collaborate with any cryptocurrency stuff.

According to reports, the Czech company, since so long warned Apple regarding fake Trezor apps, which they clearly ignored. Thus, resulted in such an incident. However, the spokesperson from Apple is on the motive that they are working rigorously to maintain the safety and security of their users. They are not as willing to demolish the trust they built in their users for so long.

Apple spokesperson, Fred Sainz, while addressing “The Washington Post” said:

“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.”

In 2020, Trezor warned Google regarding a scam, Trezor app, for Android devices, and Google was quick to take notice and act upon it. It sends warning signals to all its users, guided them not to install fake android apps, and removed the malicious app from the Play Store.


Source: The Hack Today

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