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After losing $1 million on a scam app, an investor is attacking Apple

Photo of: Joseph Stone
by Joseph Stone

An investor is upset with Apple, publisher of the App Store. He may be after losing $900,000 in Bitcoin. The cause? A fraudulent app on the iOS app store.

Apple never fails to tout the merits and security of its ecosystem, especially in comparison to the competing platform, Google’s Android. However, despite its protective measures, the Cupertino-based firm is not infallible.

And one user of iOS, the iPhone’s operating system, has had a painful experience with this. This user, who goes by the name of Phillipe Christodoulou, was indeed the victim of a scam application.

As reported by the Washington Post, this investor thought he had downloaded the mobile application Trezor from the Apple App Store. Except that the publisher doesn’t actually offer an app for iOS.

But moreover, the Cupertino firm failed to detect the identity theft and the scam. So the victim downloaded a fraudulent application. The problem is that he gave this software his security phrase.

The result was not long in coming: the theft of 17.1 Bitcoin. At the time of this embezzlement, this cryptocurrency capital was close to $991,000. Almost a million.

For Phillipe Christodoulou, the pill does not pass, especially since Apple receives commissions of 15 to 30% on each transaction made on the App Store. At this price, the firm could ensure better security, he denounces.

The crypto investor is therefore particularly upset against the American cell phone giant. “They betrayed the trust I had in them. Apple does not deserve to get away with this,” he storms.

A complaint has been filed with the FBI. As for the fake app, it was eventually removed from the App Store after Apple was notified by Trezor. However, this was not the first time. It had reappeared after several deletions. The proof that a flaw remains in the control exercised by the Apple brand.

Fake trading applications and fraudulent wallets are not a novelty on the App Store either. Trezor has been taking action against these apps for years. And the editor regrets the lack of reactivity of Apple, but also of Google. Indeed, deletion takes several days, leaving time for hackers to abuse victims.