American lost $ 600,000 worth of Bitcoin due to a fake app

With its price continuing to rise, Bitcoin is attracting more and more people. Phillipe Christodoulou is one of those lucky people who gets a lot out of it. At least until recently. In fact, this American has just lost the equivalent of $ 600,000 in Bitcoin.

While he had 18.1 bitcoins last January, he only has one bitcoins left. As Futurism reports, the facts go back to early February. Christodoulou went to the App Store to download and install a virtual wallet to manage his cryptocurrencies on his iPhone.

An amount estimated at over a million dollars today

He thus placed 17.1 bitcoins in Trezor. However, as soon as they were transferred to the virtual wallet, the sum disappeared. It was actually a fake app and the hackers apparently took possession of the money.

At the time of the theft, the loss is estimated at $ 600,000, but given the spike in Bitcoin price over the past few days, that sum would be worth more than $ 1 million today! Enough to make you deeply regret the sacrifice. According to the Washington Post, the crooks pretended to be the Czech crypto storage platform Trezor.

An application that seemed legitimate

If Christodoulou wasn’t very vigilant, it is because the application has already been downloaded more than 1000 times and it seemed pretty safe. On top of that, he trusted Apple, which boasts the most secure app store on the internet.

Questioned by the Washington Post, the victim announced that she accused the Cupertino company more than the thieves themselves. “They betrayed the trust I had in them,” lamented the unfortunate man. “Apple didn’t deserve to get away with it. It should be noted that following this mishap, the company deleted the disputed application.

He still had 18.1 bitcoins, now he only has one bitcoin! Photo credit: Shutterstock / ThomsonD

A case that is anything but isolated

But how did such a dangerous app get onto the App Store? According to Futurism, in the filing, the crooks tricked Apple’s verification system by claiming to put an encryption service online.

Once approved, the tool was turned into an app that mimics Trezor’s image and, as we point out, doesn’t even have its own app. It seems that the scam app was also available on the Play Store for a while before it was removed by Google. Apple does not seem to want to compensate for Christodoulou’s losses. In addition, we do not know whether the company will reveal the identity of the developer.

The FBI has definitely opened an investigation, especially since it is not an isolated case. According to Pawel Aleksander, head of Coinfirm, more than 7,000 reports of crypto assets stolen by fake apps on the Play Store and the App Store have been recorded for almost a year and a half.