Copycat Trezor iPhone App Scammed Users Out Of $600K BTC

A copycat Trezor iPhone app has just scammed users out of $60,000 in BTC in the latest scam event that we read more about in our latest Bitcoin news.

One user, in particular, lost 17.1 bitcoin that was worth $600,000 at the time after installing a copycat Trezor iPhone app. To bypass the Apple review process, scammers modified their apps after they have been approved. The malicious smartphone app on apple’s App store mimicked the name and the style of the Trezor hardware wallets which ended up stealing 17.1 BTC from an unsuspecting user which was worth $600,000 at the time.

Warning to all Trezor owners using Android devices!

This app is malicious and has no relation to Trezor or SatoshiLabs. Please, don't install it.

Remember that you should never share your seed with anyone until your Trezor device asks you to do it! pic.twitter.com/6C3iKfPDnR

— Trezor (@Trezor) January 18, 2021

According to a report from the Washington Post, Trezor user Philipe Christodoulou stored his BTC on a Trezor hardware wallet and wanted to check his balance so he downloaded an app that seemed like the Trezor on the iOS app store. Although Trezor doesn’t support Apple’s mobile operating system and doesn’t have a mobile app, the app used its name and branding so he lured a user into downloading it.

After Christodoulou downloaded the app and entered his credentials, his crypto disappeared in a moment:

 “They betrayed the trust that I had in them. Apple doesn’t deserve to get away with this.”

The user is not the only person to fall victim to the scam as Georgia resident James Fajcz also said that he lost $14,000 worth of BTC and ETH to the fake app. Apple claims to be the most trusted marketplace for apps so speaking to the Washington Post, an Apple spokesperson explained that the apps undergo a rigorous review process but did mention that there were other scam apps on the App store. The one, in particular, was available for nearly a month and was downloaded 1000 times.

The fake Trezor app was initially presented in the “cryptography” category as a solution for encrypting the files and storing passwords before it was changed by the developers into a crypto wallet app. Apple already removed 6500 apps for undocumented features but acknowledged that it still relies on users and customers to report fake apps.

Apple is not the only company that was a host to fake crypto wallet apps because Trezor warned users of a malicious Android app as well which was downloaded more than 1000 times:

 “We don’t allow apps that mislead users by impersonating another app, developer or company, and when we discover an app that violates our policies, we take appropriate action.”