iPhone user loses $600,000 after downloading scam Bitcoin app from Apple's store

midian182

Posts: 6,803   +61
Staff member
Facepalm: Apple's App Store has a better reputation than Google Play when it comes to keeping scam applications off the service, but it does happen, and they can con victims out of a lot of money. In the case of one man who downloaded a fake Bitcoin app, he lost over $600,000 worth of crypto.

The story began last month when Phillipe Christodoulou wanted to check his Bitcoin balance. He decided to do a search for "Trezor," the company that makes the hardware wallet where he stored his crypto, in the hope of finding a companion app.

Christodoulou found a Trezor app that featured the company's padlock logo and green background, so he downloaded it and entered his details. Unfortunately, there are no apps for Trezor wallets; it was a fake snuck onto the store that had no association with the actual firm.

The Washington Post reports that the scammers behind the app pilfered Christodoulou's 17.1 bitcoin, which was worth $600,000 at the time (almost $1 million today). He blames Apple for allowing the app onto its store. "They betrayed the trust that I had in them," he said. "Apple doesn't deserve to get away with this."

Christodoulou added that the app had a five-star rating, which added to its legitimacy. Apple has said nothing about reimbursing him.

Apple reviews all its submitted apps before they're approved. In the case of this fake, it was submitted with the name Trezor and used the company's logo and colors but was presented as a "cryptography" app for encrypting iPhone files and storing passwords. The developers assured Apple it was "not involved in any cryptocurrency," enabling it to appear on the App Store on January 22. Once the app was on the store, it changed itself to a cryptocurrency wallet.

According to Coinfirm, five people lost a total of $1.6 million to the iOS app, while fake Trezor apps on Android are estimated to have conned people out of $600,000.

Apple said it removed the app on February 3 and banned the developer after the real Trezor reported it. Another fake app with the same name appeared two days later. It was also banned.

Sensor Tower data suggests the scam application was downloaded around 1,000 times. Another iPhone user who lost $14,000 worth of Ethereum and Bitcoin claims an Apple representative told him the company was not responsible for losses stemming from the fake Trezor app.

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QuantumPhysics

Posts: 4,914   +5,462
I wonder how many more stories like this we will hear until the government itself decides to crack down on crypto?

My guess is that right now the government is quiet on crypto because they want to allow people to put as much of the printed stimulus welfare check inflation into the crypto market as possible.

My guess is that they’ll lower the boom and the curtain will reveal their true intentions later on.

As far as these people who are losing money to crypto scams: shame on em.

It never would’ve happened if they had kept their money in real banks.
 

fl21289

Posts: 243   +291
I wonder how many more stories like this we will hear until the government itself decides to crack down on crypto?

My guess is that right now the government is quiet on crypto because they want to allow people to put as much of the printed stimulus welfare check inflation into the crypto market as possible.

My guess is that they’ll lower the boom and the curtain will reveal their true intentions later on.

As far as these people who are losing money to crypto scams: shame on em.

It never would’ve happened if they had kept their money in real banks.

My guess. You are wrong in your guesses.
 

Squid Surprise

Posts: 4,050   +3,182
A fool and his crypto are soon parted... how is this different than the numerous bank/credit card/mortgage scams that swindle fools out of their hard earned cash?

The story really has nothing to do with crypto... just fools who trust the wrong people - and the monsters who prey on them...
 

Skjorn

Posts: 601   +463
I wonder how many more stories like this we will hear until the government itself decides to crack down on crypto?

My guess is that right now the government is quiet on crypto because they want to allow people to put as much of the printed stimulus welfare check inflation into the crypto market as possible.

My guess is that they’ll lower the boom and the curtain will reveal their true intentions later on.

As far as these people who are losing money to crypto scams: shame on em.

It never would’ve happened if they had kept their money in real banks.
Why are you soo against it?
 

QuantumPhysics

Posts: 4,914   +5,462
I'm also curious why he's so against it. I'm still waiting for his response as to why he keeps touting the libertarian idea that "the free market is always right" but for crypto we need government regulation. Those two things are entirely incompatible.


Ponzi Schemes are illegal.

Pump and Dump schemes are illgal.

Tax Evasion is illegal.

Money Laundering is illegal.

Crypto ( I refuse to call it currency) checks all the boxes.

I'm just waiting for the SEC and IRS to tighten the noose.
 

m4a4

Posts: 2,365   +2,652
TechSpot Elite
Ponzi Schemes are illegal.

Pump and Dump schemes are illgal.

Tax Evasion is illegal.

Money Laundering is illegal.

Crypto ( I refuse to call it currency) checks all the boxes.

I'm just waiting for the SEC and IRS to tighten the noose.
So far you've cited nothing exclusive to cryptocurrency. Shallow reasons, really.

Or is there a more ignorant/selfish reason that you don't want to say?
 

Squid Surprise

Posts: 4,050   +3,182
Not really surprised.

Apple users are not very tech savy + saving life saving in Bitcoin hmm what could possibly go wrong lol.
They're no less or more tech savvy than any other user... people will always get swindled, regardless of the platform they are on... and most of them will always try to find someone else to blame for their own foolishness...
 

Lionvibez

Posts: 2,305   +1,815
They're no less or more tech savvy than any other user... people will always get swindled, regardless of the platform they are on... and most of them will always try to find someone else to blame for their own foolishness...
I don't agree for the users I know.

if I compare all the apple users to the PC users I know. The PC users run circles around them for being tech savy its not even close. And that is by design by apple because its a walled garden and they tell you how to use the product.
 

Squid Surprise

Posts: 4,050   +3,182
I don't agree for the users I know.

if I compare all the apple users to the PC users I know. The PC users run circles around them for being tech savy its not even close. And that is by design by apple because its a walled garden and they tell you how to use the product.
I'm glad you know everyone and can draw legitimate conclusions just from personal experience....

But here in the real world, I'll stick with what we know about human nature... there are hundreds of millions of people using both platforms, and to generalize anything about computer "savvyness" is simply unsupportable by any evidence.
 

Lionvibez

Posts: 2,305   +1,815
I'm glad you know everyone and can draw legitimate conclusions just from personal experience....

But here in the real world, I'll stick with what we know about human nature... there are hundreds of millions of people using both platforms, and to generalize anything about computer "savvyness" is simply unsupportable by any evidence.

I never said I know everyone those are you words. Clearly said from the users I know. And this isn't really a debate I'm looking to have its my opinon you are free to agree or disagree.
 

Squid Surprise

Posts: 4,050   +3,182
I never said I know everyone those are you words. Clearly said from the users I know. And this isn't really a debate I'm looking to have its my opinon you are free to agree or disagree.
Here is exactly what you said... "Apple users are not very tech savy"

And that is unsupportable by any evidence....

Next time say what you mean.
 

Lionvibez

Posts: 2,305   +1,815
Here is exactly what you said... "Apple users are not very tech savy"

And that is unsupportable by any evidence....

Next time say what you mean.
Granted I could have been abit more clear but what would you have accepted? I can only provide my personal evidence based on my own experience and I don't believe that would be enough for you.

And full disclosure I'm not an apple user and never have been.