At the time of writing, it is unknown whether any crypto investor fell for the fake app.
Apple has booted a deceptive application from its App Store, which imitated the crypto hardware wallet Trezor, in an effort to safeguard users from crypto theft. However, other similar fraudulent apps remain.
Rafael Yakobi, Managing Partner at Crypto Lawyers, issued a security alert about the App Store on June 20th. He revealed that a search for "Trezor" led to a suspicious app designed with the primary intent to steal cryptocurrency.
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Yakobi cautioned Apple users about the counterfeit "Trezor Wallet Suite" app, explaining how the scam works. The fake application allegedly asked users for their seed phrase, which in turn enabled the scammers to steal the user's crypto assets. He further added:
This app has been up for weeks, although the total number of victims is unknown, it could easily be in the hundreds or thousands.
Upon running a check, the deceitful app on the United States version of the App Store was gone, hinting at Apple's swift action in eliminating dubious or fraudulent applications once flagged.
However, a search for "Trezor Wallet Suite" still brings up another potentially harmful app named "MyTREZÅŒR Suite: One Edition." With only two reviews to its name, both cautioning against a scam that steals crypto, it's clear that Apple's cleaning operation isn't fully completed.
Apple maintains that apps added to its official App Store have undergone stringent security clearance. However, the safest method to download mobile applications for crypto wallets is directly from the manufacturer's official websites.
In contrast to its claims of trustworthiness, Apple's stance towards crypto apps seems stringent, with approvals only given under strict circumstances, as noted by Apple news outlet 9to5mac.com. The portal pointed out:
While Apple says that the App Store ‘is a place you can trust’ and fights against sideloading, what happens in real life is that even Apple can’t keep the App Store free of scams.
The issue of bogus wallet apps on Apple’s App Store is not a new phenomenon. Two years ago, a user reportedly lost $600,000 in Bitcoin (BTC) after mistakenly downloading a phony Trezor app from the App Store.
While Apple is trying to protect its users from scam crypto wallet apps, it's evident that vigilance and caution from users are crucial as counterfeit apps continue to find their way onto platforms.
