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iPhone User Lost $600,000 Life Saving From Scam Bitcoin App On Apple’s Store

An iPhone user has lost over $600,000 after a scamming cryptocurrency app was cleared by Apple’s strict App Store policies.

Philippe Christodoulou wished to inspect the worth of the 17.1 bitcoins, and came to a catastrophic realization of having to manage losing his life savings.

According to The Washington Post, to access the wallet, he decided to obtain the Trezor program (a company that is known for its hardware pockets ) on the iOS App Store. The program looked just like the original with the green background and the padlock symbol, so without hesitating, he even downloaded the app. But later he discovered that would be among the worst errors of his life.

The app was bogus and it was designed to look legit and dupe innocent people to entering their private information and at no time, Christodoulou discovered that his bitcoins were stolen . According to the reporthe had hoped that his bitcoins would have helped in saving his dry-cleaning business that was influenced by the pandemic.

Apple has a reputation to be the most protected when it regards its app on its App Store, at a minimum once compared to Google’s Play Store. Programs on the App Store are understood to experience a stringent process of verifications before they go on the shop.

Apple asserts that at the time of signing up, the program posed for a cryptography app used to encrypt iPhone passwords and files and in the time the program developer had highlighted that the app has nothing to do with cryptocurrency. But following the app got filed, it soon turned into a crypto wallet and slipped under Apple’s radar.

Oddly enough, Trezor’s App is just available on Android and the first report highlights that the company had informed Apple and Google about bogus apps for a couple of decades now. The imitation Trezor app is no longer on the App Store.

Apple spokesperson Fred Sainz has said in a declaration to Washington Post,”’User trust is at the foundation of the reason we made that the App Store, and we’ve only deepened that devotion in the years since.’

He added,’Study after study has demonstrated that the ‌App Store‌ is the most stable app market in the Earth, and we are always at work to maintain that standard and also to further strengthen the ‌App Store’s protections. In the limited cases when offenders defraud our customers we take swift action against these actors and to avoid similar violations in the future.’

It is important to remember that Apple has not revealed how often scam programs are observed in the store. However, Apple has admitted to removing 6,500 programs a year due to’hidden or undocumented attributes.

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