Bitcoiner Loses Life Savings (17.1 BTC) to Fake Trezor App on Apple Store

Bitcoin user who lost 17.1 BTC ($1.05 million) via a fake Trezor app he downloaded on Apple’s App Store, is blaming the popular mobile phone maker for his losses. 

The Washington Post reported today that the user named Phillipe Christodoulou, in his quest to download the software version of his Trezor hardware wallet for easy access, unknowingly downloaded a fake app. 

According to the user, the malicious app was listed on the Apple Store in January by fraudsters and had amassed a significant amount of five-star ratings.  

However, he did not realize that the popular crypto hardware provider does not have an app for its wallet and that the motive behind the app’s listing was to steal unsuspecting victims’ funds. 

Seeing that the app was listed on Apple’s App Store, he believed the mobile phone producer had conducted normal checks before approving the app’s listing. Little did he know that the fraudsters had bypassed the company’s routine review. 

Convinced about the app’s authenticity, he installed the application on his iPhone and logged in, a decision he would never forget. 

A few minutes after logging into the app, his funds amounting to 17.1 BTC were all gone. It was at that point he realized the app was fake. 

Speaking in an interview, Christodoulou said he has lost faith in the company despite being an ardent supporter of the brand for years. 

“Apple doesn’t deserve to get away with this,” he lamented. 

Apple’s ‘Safe’ App Store Compromised! 

Apple describes its App Store as the most trusted marketplace for apps because, according to the firm, it ensures every app is scanned and reviewed to ensure they are safe for public use. 

Despite the company’s claims, some experts believe the firm still has its loopholes as scammers can submit a harmless app for approval. Once approved, they can proceed to turn it into a phishing app and trick people into disclosing sensitive information like seed phrases. 

Commenting on the development, Trezor said it noticed scammers had developed a mobile app for its hardware wallet and uploaded it to Google Playstore and Apple Store in December 2020 and January 2021, respectively. 

The crypto wallet maker disclosed that upon discovery, it informed both phone makers about the app, but it seemed late, as it had already cost the Bitcoin user almost all his life’s savings.

Not The First

In a similar development, another crypto user, James Fajcz disclosed that he also had his $14,000 worth of BTC and Ether (ETH) stolen via the fake Trezor application in December 2020. 

The matter has been reported to Federal Bureau International (FBI), according to Christodoulou, and up until this moment, he has not been contacted by Apple. 

Hackers are not relenting in their quest to gain access to people’s crypto storage devices. Of late, several antics have been launched with criminals stealing large amounts of funds running into millions of dollars. 

On one occasion, Coinfomania reported that a Bitcoiner lost $50,000 of his life savings to a Ledger phishing hack.