This Fake Cryptocurrency App on iOS Stole US $1.6 Million From Users

App Store is now known as an application store made by Apple which is quite safe from malicious and fake applications. But recently a fraudulent application has entered the App Store and has already caught a victim.

It is known that the application made it to the App Store by pretending to be a company called Trezor which is known to specialize in cryptocurrencies.

As a result, there are several users who have been fooled by this fake application. It is known that a user named Phillipe Christodoulou lost 17.1 Bitcoins from this application.

Apart from Christodoulou, there are 4 other people who lost Bitcoin from the application. So that overall, this fake application has managed to earn US $1.6 million (approximately N655 billion naira) from its users.

After reporting to Apple, Apple said that this application could enter the App Store because the developer used the bait-and-switch technique to bypass the security system in the App Store and distribute this application.

Needless to say, it is very difficult to return Bitcoin that has been transferred to unknown people. Because in cryptocurrency, the privacy of the sender and receiver is highly encrypted making it difficult to trace. In fact, this was part of the reason Bitcoin and other cryptocurrency transactions were banned in Nigeria.
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