As more people get involved in cryptocurrencies, there will be more reports regarding problematic incidents. One iPhone user found that out the hard way while dealing with a fake mobile application for Trezor. Eventually, he lost over 17 BTC or $600,000 at the time.
The Fake Trezor App Story
For many years, there have been numerous incidents regarding fake and malicious cryptocurrency apps in mobile app stores. The majority of issues revolve around Android users, but Apple device owners aren’t safe from harm. For Phillipe Christodoulou, that became all too apparent when he lost his bitcoins due to a fake Trezor application. Although Trezor is a reputable company creating hardware wallets, this particular iOS app has nothing to do with them.
When the user searched for the Trezor app, he noticed the company’s real logo and a five-star rating. To many people, that would be sufficient to download the application and trust the software. Unfortunately, most malicious mobile apps have these ratings and will mimic brands, making it difficult to spot the differences.
It took less than a second for the application to hijack the user’s crypto balances. A total of 17.1 BTC- or $600,000 – was taken from this person with no way of recovering the funds. Rather than lashing out at the thieves, Christodoulou is upset with Apple for letting malicious applications like this one into their mobile store. Apple is notoriously tricky when it comes to approving crypto-related software. There is no reason for them to let this fake application get through, yet it still happened.
One has to admit it is not too complex for scammers to circumvent Apple’s safeguards. Submitting an innocent for approval and then modifying them for phishing purposes afterward appears to work for some. Even if Apple finds out and removes the mobile app, the damage has already been done. It creates an unacceptable and unsustainable environment, yet one that Apple seemingly can’t do much about.
Always Use Official Links
It is convenient to search for a mobile application in the app store directly. However, not all of these apps will prove trustworthy or worthwhile. When it comes to crypto-related apps, the manufacturers – such as Trezor or Ledger – will have links to their website’s correct applications. Going through these official channels is often the best way of approaching this industry.
Unfortunately, it seems unlikely this will be the last crypto-related incident involving mobile applications. Both Google and Apple will need to find ways to prevent malicious applications from entering their stores, which will not be easy. Failing to do so will yield more angry users, which would harm the overall cryptocurrency industry. Incidents like these are still far too common, even in 2021.
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