Categories: CryptoNews

Apple App Store Approves Another Three Malicious Cryptocurrency Wallets

The number of Bitcoin scam wallets found in the Apple App Store continues to increase. Despite clear warnings from cryptocurrency users about these false software tools, Apple has not taken the necessary steps to prevent them from getting through the verification process. Bitcoin users need to be careful when they rely on iOS wallets, as there are only a few legitimate offerings available today.

Three New Fake Bitcoin Wallets On iOS

Over the past few months, there have been multiple malicious Bitcoin wallet offerings in the Apple App Store. While the majority of these scams have been removed ever since then, new ones continue to pop up, begging the question of when Apple will address this problem. That will not happen anytime soon, as the software giant is not doing the best of jobs in this regard.

Earlier today, three new fake wallets were reported on Reddit, all of which were sent through the same Apple developer ID–not entirely surprising these days, as this trend is a continuation of the previous fake wallet distribution attempts earlier this year. Moreover, obtaining such an ID is not overly difficult, and only goes to show that it is far too easy to spoof iOS apps.

First of all, there is the Fastwallet offering. While having a fancy name is always a good way to attract more users, Fastwallet is not a legitimate offering for iOS Bitcoin users by any means. Storing funds in this application will lead to a loss of money sooner or later. Do not install this application, as you will regret it.

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Cosmo, another Bitcoin wallet solution, seems to follow a same train of thought, as there is no way that this is a legitimate bitcoin wallet, either. It appears that both of these wallets have taken the Breadwallet source code and have modified it slightly. Once again, this is the same type of distribution as we have seen earlier this year.

Last but not least, there is the SilverBox wallet for Litecoin. Although this has nothing to do with Bitcoin directly, it is still a troublesome wallet service that offers nothing legitimate. Moreover, Bitcoin is not in a position where it can make any significant impact on the market anytime soon. Then again, it is still a scam wallet, so it fits the rest of the list.

It is evident that criminals continue to target cryptocurrency users with malicious wallet solutions. For some reason, they prefer to distribute them through the Apple App Store. Given the lack of security and verification checks performed by Apple employees when it comes to these wallets, that is proving to be the right way to go for them.

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JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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JP Buntinx

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