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An iPhone customer loses his entire life savings to a bogus Bitcoin app that Apple has accepted.

To avoid fake applications from infecting tablets, users should always download updates from the Google Play Store and Apple App Store. But what happens if one of the trusted app stores approves a fake app? A similar thing happened to an iPhone customer who lost all of his money after downloading a phoney Bitcoin wallet from the Apple App Store. At the time of the burglary, the customer had lost over $600,00.

According to the Washington Post, iPhone user Phillipe Christodoulou needed to check his Bitcoin balance, so he checked the App Store for an app called Trezor. He came across an interface with the Trezor logo on a green backdrop. Christodoulou downloaded the software and entered his credentials without testing whether it was the original or not. Christodoulou had lost all of his Bitcoin deposits when he knew the app was not authentic.

The false Trezor app was made to look identical to the real Trezor app. However, it turned out that the app’s creator built it to deceive bitcoin users and steal their funds. The more pressing question is how the bogus app made it into Apple’s approval process. The Washington Post quoted Christodoulou as saying, “Apple doesn’t deserve to get away with this.” Apple, for example, vets all applications uploaded to the App Store before releasing them on the website.

Apple acknowledged the blunder, saying the bogus Trezor app’s creator assured them it had nothing to do with bitcoin and is a “cryptography” app that encrypts iPhone data and stores passwords. However, after it was sent, the software was turned into a blockchain app, which Apple failed to notice.

“We built the App Store on the basis of consumer trust, and we’ve only reinforced that dedication in the years since. The App Store is the most stable app ecosystem in the world, according to study after study, and we’re continuously working to uphold the level and improve the App Store’s protections. We take decisive measures against offenders who defraud our customers in the few cases that they do so, as well as to avoid such breaches in the future,” Apple spokesperson Fred Sainz told The Washington Post.

Following several complaints from the original Trezor corporation, Apple has now deleted the bogus Trezor app from the Apple App Store. Another fake cryptocurrency app was claimed to have emerged days after Apple removed Trezor, but Apple was able to delete it as well.

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