A man loses $1 million in bitcoin after downloading fake Wallet App from AppStore

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He believed Apple’s App Store was safe. Then a fake app stole his life savings in bitcoin.

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The story began last month when a man named Phillipe Christodoulou wanted to check his Bitcoin balance. He decided to do a search in the Apple AppStore for “Trezor,” the manufacturer of the physical Bitcoin wallet he uses to store his cryptocurrency, in the hope of finding a companion to download.

He found an app that had Trezor’s padlock logo on a green background and a near-five star rating, unsuspectingly, he downloaded the app and entered his credentials. As soon as he did it, he lost nearly all of his life savings, because there are no apps for Trezor wallets, and he downloaded a fake one used by scammers to steal logins from users.

According to Washington Post, the scammers behind the app stole his 17.1 bitcoins, which were worth $600,000 at the time (more than $1 million at the time of writing). He blames Apple for allowing the app get into the Appstore.

Apple confirmed the app illegal actions but justified that the reason for listing the app was because the developers described it as an encrypted app when they submitted, and after it was put on the shelves on January 22, it was privately changed to a virtual currency wallet. Apple said they have deleted the app and severely punished the developers.

The possibility of Christodoulou recovering his bitcoins are still unknown.
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Crypto Wallets
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