Crypto News

Crypto Investor Blames Apple For $600,000 Bitcoin Scam

Bitcoin Scam to fake crypto wallet on App Store
Editorial credit: Shawn.ccf / Shutterstock.com

Los Angeles (CoinChapter) – Cryptocurrency holder Phillipe Christodoulou nearly lost all of his life savings to a Bitcoin Scam. From a fake crypto wallet application on the Apple App Store.

Christodoulou went on the App Store last month to download the Trezor app to check his Bitcoin balance. However, the hardware wallet does not currently provide an iOS app.

An unsuspecting Christodoulou proceeded to download a fake app that posed as Trezor, which boasted close to a five-star review.

After entering his seed phrase, Christodoulou revealed that his life savings of 17.1 Bitcoin were stolen. He now wants Apple, who collects 15-30% commission on sales, to be held accountable for the Bitcoin scam.

“They betrayed the trust that I had in them,” Christodoulou said. “Apple doesn’t deserve to get away with this.” Christodoulou has since gone on to file a report with the Federal Bureau of Investigation.

The App Store claims it is “the world’s most trusted marketplace for apps.” Where every submission is scanned and reviewed, ensuring they are safe and secure.

However, it isn’t difficult to for developers to break Apple’s rules. They can submit what appears to be a harmless app and then transform it into a phishing scheme.

Apple has removed the fake Trezor app several times, but it keeps reappearing in the App Store for unknown reasons. “This is a nightmare. Scammed by a fake Trezor app in the ‘curated and safe’ Apple App Store.” Said crypto investor Scott Melker on Twitter.

Fake Trezor apps have tricked users in past Bitcoin Scams in Apple App Store

This isn’t the first time a fake cryptocurrency app has shown up in the Apple App Store. United Kingdom-based crypto intelligence company Coinfirm said several people have reported having their crypto stolen by a fake Trezor app on iOS. With total losses estimated at $1.6 million.

While there hasn’t been many other incidents elsewhere. Trezor has also warned users about fraudulent apps on the Google Play Store.

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Matt Borelli

Matt Borelli is a staff writer at CoinChapter, covering the daily developments in the cryptocurrency world. He is a Bitcoin enthusiast and proud Dogecoin holder. When not reporting on the latest cryptocurrency news, Matt can be found at the nearest baseball stadium.

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