iPhone User Loses $600,000 Worth of Bitcoin; Blames Apple for Fake App on App Store

After nearly three years of slumber, Bitcoin has finally woken up and registered a new all-time high. The cryptocurrency space is garnering a lot of attention, and the number of crypto scammers seems to have increased as well. An iPhone user had a rude shock when he realized he had lost his entire life saving of $600,000 in Bitcoin. He is now blaming Apple for allowing the fake app on the App Store.

The most secure way to store Bitcoin or any other cryptocurrency is by storing it in a hardware wallet. In the past, crypto exchanges have been hacked, and thus it is not considered safe storing on exchanges. Trezor is one such hardware wallet that allows users to save cryptocurrency. Philipe Christodoulou, an iPhone user, downloaded an app titled “Trezor” from the App Store and promptly transferred all of his Bitcoins.

Phillipe Christodoulou wanted to check his bitcoin balance last month, so he searched the App Store on his iPhone for “Trezor,” the maker of a small hardware device he uses to store his cryptocurrency. Up popped the company’s padlock logo set against a bright green background. The app was rated close to five stars. He downloaded it and typed in his credentials.

In less than a second, nearly all of his life savings — 17.1 bitcoin worth $600,000 at the time — was gone. The app was a fake, designed to trick people into thinking it was a legitimate app.

Philipe told Washington Post that he is “angrier at Apple” since Apple markets App Store as a safe place. Furthermore, he highlights how Apple betrayed his trust and “Apple doesn’t deserve to get away with this.”

Our Take

It is no secret that App Store is plagued with fake app and scam apps. Recently the company weeded out several scam apps from the App Store. Philipe is not the only one scammed by a fake Trezor app. The company has confirmed five people have lost as much as $1.6 million. There is no mention of the Trezor iOS app on its website. However, some iPhone users have still fallen prey to the scam.

James Fjcz, an engineer from Georgia, claims to have lost $14,000 to the fake Trezor app. Even he says Apple should take responsibility for the same.

Do you think the fault lies with Apple? Let us know in the comments below.

[via Washington Post]