Fake Trezor Wallet App Briefly Tops Rankings on Apple Store

The legitimacy of Apple’s scrutiny of mobile apps featured in the App Store is now questionable as scam apps are making their way to the platform. The latest among them is a fake Trezor wallet that recently made its way to the top list of most searched apps on the iOS App Store.

Trezor Wallet is an authentic mobile app designed as a hardware cryptocurrency wallet. It enables users to securely store cryptocurrencies using offline (cold) storage.

“Hundreds or Thousands” of Users May be Affected

Several iPhone users acknowledged that a scam app, Trezor Wallet Suite, launched on the App Store a few weeks back. Still, the fake app had no affiliation with Trezor. Although Apple has identified the platform as an unauthentic entity and removed it from the App Store, several users have already downloaded it.

Rafael Yakobi, a managing partner at Crypto Lawyers, hinted at the extent of the damage this fake app will have on users when he tweeted:

“This app has been up for weeks, although the total number of victims is unknown, it could easily be in the hundreds or thousands.”

Trezor Wallet Suite evaded the privacy of users by requesting personal and sensitive data such as seed phrases for existing wallets, giving its malicious operators access to users’ wallets and stealing their assets.

Is the iOS App Store Still Safe?

It cannot be ascertained if the App Store is still safe for users regarding the apps featured on the platform. However, the recent occurrence of Trezor Wallet Suite bypassing the platform’s gatekeeping guidelines showcases a deficiency in its incompetence in safeguarding users from malicious apps.

In 2021, a Bitcoin user lost 17.1 BTCs to a scam Trezor app featured on the Apple Store. Android users should also be on the lookout for a fake Trezor app since it once made its way into the Google Play Store.

Meanwhile, Apple has not shown itself to be a crypto-friendly hub. In October, the company unveiled a new guideline that mandated crypto platforms to pay a 30% commission on payments made by iPhone users. This has scared several platforms from its App Store.