Fake app steals $600,000

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Last Update: September 21, 2022

2 mins read

An iOS user has reportedly had $600,000 Bitcoin stolen from his account due to a fraudulent app he downloaded from the App Store.

Phillipe Christodoulou had almost all his life savings stolen due to an illegitimate crypto wallet application he found on the store.

A month ago, Christodoulou went looking for a popular mobile crypto wallet, Trezor, which he wanted to use to check his Bitcoin balance from his phone.

However, what Christodoulou didn't know was that Trezor did not support an iOS application, leading the user to download an illegitimate product.

Upon entering his seed phrase, his account was picked clean by the app. “They betrayed the trust that I had in them. Apple doesn’t deserve to get away with this”, Phillipe state publicly. Following the incident, Apple was quick to remove the app from the store.

The incident prompted a variety of responses on social media. Casa co-founder Jameson Lopp argued that nobody should be entering seed phrases into software to begin with. Crypto investors Scott Melker tweeted what a nightmare it was to be scammed by an app listed on the App Store.

According to Coinfirm, a UK-based crypto intelligence company, at least five people have reported having had their crypto balances stolen by the fake Trezor app.

While such incidents do not happen often, it's paramount for users to always exert caution and follow general guidelines and principles of safe use regarding their funds.

To make sure you are always entering your information in safe apps, double-check with the software you are using. For example, if you want to enjoy crypto casinos, make sure to pick from the best and safest, including Bitcasino, 1xBit, and Bitcasino.

Looking for your next crypto casino? Check out: Mega Dice or FortuneJack

Written by Barney

Co-founder

Barney is co-founder of CryptoGamblingNews.com. When not at work he can usually be found behind a Nikon. He's won numerous international competitions for his photography and volunteers as a content creator for aid organisations in Africa.
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