IPhone user loses life savings on fake Apple-approved bitcoin app

Users are always encouraged to download apps only from the Bitcoin App Google Play Store and Apple App Store to prevent fake apps from entering the phone. But what happens when one of the verified app stores approves a fake app? Something similar happened with an iPhone user, who ended up saving all his savings after downloading a fake bitcoin app from the Apple App Store. The user lost more than $ 600.00 at the time of the robbery.

According to the Washington Post, iPhone user Philip Christodolu wanted to check his bitcoin balance, so he looked for an app called Treasure in the App Store. He saw an app that had a Treasure logo with a green background. Without checking whether it was original or not, Cristodolo downloaded the app and entered into its credibility. Christodolu lost all his bitcoin savings before realizing that the app was not real.

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The fake Treasure app was designed to look like the original Treasure app. However, it is revealed that the creator of the app created it to trick the owners of bitcoins and steal their savings. But the most important question is how the fake app deleted Apple’s review process. Cristodolo told the Washington Post, “Apple does not deserve to participate with it. In particular, Apple reviews all apps sent to the App Store before deploying apps on its platform.” Binance Customer Care

Recognizing the mistake, Apple said that the fake manufacturer of the Treasure app told the company that it had nothing to do with cryptocurrency and that it was a ‘cryptography’ application that would encrypt iPhone files and store passwords. However, once the app was submitted, it became a cryptocurrency app, but Apple could not detect it.

“User trust is the foundation of why we’ve built the App Store, and we’ve only deepened that commitment over the years that follow. Study after study has shown that the App Store is the world’s safest app market. , And we’re constantly working to maintain that standard and further strengthen App Store security. Apple spokesman Fred Sainz told the Washington Post, in limited cases where criminals cheat our users, we Take swift action against these actors and also to prevent similar violations in future.

Apple has now removed the fake Treasure app from Apple’s App Store after the Treasurer’s parent company reported it several times. It was also reported that another fake cryptocurrency app appeared a few days after Apple removed the Treasure, but Apple managed to remove it as well.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.