Here’s How An iPhone User Lost All His Bitcoin Savings In A Fake App Available In The Apple App Store

It has always been said to prevent any kind of fraud we must download our apps from trusted sources such as the Google Play Store or Apple App Store. But should one do if a fake app is available in a reliable App store? This is what happened with an iPhone user who lost all his savings of about $600,000 when he downloaded a fake Bitcoin App from the store.

Washington Post reported that the iPhone user, Philipe Christodoulou, wanted to have a look at his Bitcoin balance. For this, he downloaded an app called Trezor from the App Store. He saw that the logo was that of Trezor but with a green background. He did not further check whether it was the real app. He then entered all his information and before him realizing all his Bitcoin savings were gone.

The fake Trezor app was designed in such a way that it looks real and its main aim was obviously to rob the users. However, the main question here is how this app made it through Apple’s review process. Apple of course scrutinizes each app before it is made available to the users. Christodoulou says, “Apple doesn’t deserve to get away with this.”

On this Apple says that the fake app maker told the company that it is a “cryptography” app that has got nothing to do with cryptocurrency. The maker had said that it would just encrypt iPhone files and store the passwords. After the submission, they converted it to a cryptocurrency app and Apple was not able to detect that.

Apple spokesperson Fred Sainz told The Washington Post, “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 has removed the fake Trezor app after it was reported many times by the original app. Another fake cryptocurrency app had also surfaced but Apple has removed that too.