Bitcoin User Loses Over 17 BTC Through Fake Mobile App

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A Bitcoin user that lost 17.1 BTC ($1.05 million) through a fake Trezor app he downloaded on Apple’s App Store, is blaming Apple for his losses.

According to the Washington Post, the user, Phillipe Christodoulou, downloaded the fake Trezor app, while trying to download the software version of his Trezor hardware wallet.

The malicious app, Christodoulou said, was listed on the Apple Store in January by fraudsters, and the app had a significant amount of five-star ratings.

Christodoulou, however, did not realize that the popular crypto hardware provider does not have an app for its wallet.

Miscreants have taken that opportunity to create an app with which they rob people of their digital coin.

Seeing that the app was listed on Apple’s App Store, Christodoulou believed the Apple would have conducted normal checks before listing the app.

Little did he know that the fraudsters have found a way to bypass the process.

He then downloaded the app, and entered his login details. Few minutes after logging in, his digital coin – amounting to 17.1 BTC – was withdrawn.

Speaking in an interview, Christodoulou said he has lost faith in Apple, despite being an ardent supporter of the brand for years.

Apple doesn’t deserve to get away with this,” he lamented.

Apple says its App Store is the most trusted marketplace for apps because it ensures every app is scanned and reviewed to ensure they are safe for public use.

Read also: While Nigeria Bans Cryptocurrency, Tesla Invests $1.5 Billion; Creating a Surge in Bitcoin Prices

Despite the company’s claims, some experts believe there are loopholes that scammers exploit to submit, and have malicious apps approved for listing.

Trezor commented on the situation, saying it noticed that scammers developed a mobile app for its hardware wallet and had the apps uploaded to Google Playstore and Apple Store in December 2020 and January 2021, respectively.

The crypto wallet maker said after discovering the malicious act, it reported to both app stores, however, damages had already happened, costing its users their savings.

While Christodoulou’s story might seem disturbing, it is not an outlier.

James Fajcz, another victim of the malicious app, revealed that he also had his $14,000 worth of BTC and Ether (ETH) stolen through the same fake Trezor app.

Christodoulou’s situation has been reported to the FBI, and up until this moment, he aims he gas not been contacted by Apple.

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