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A Apple Inc (NASDAQ: AAPL) Smartphone User Phillipe Christodoulou Lost Over $ 1 Million Bitcoin (BTC) after downloading an app from the iPhone’s App Store, the Washington Post reported on Tuesday.
What happened: Christodoulou is angry with the company run by Tim Cook after losing 17.1 BTC to the scam app, according to the Post.
The iPhone user suffered a loss of nearly $ 1.01 million according to BTC’s trading price of $ 59,194.26 at the time of posting.
The bitcoins were reportedly lost after Christodoulou downloaded an app from the App Store to check his Bitcoin balance last month.
Christodoulou searched the App Store for “Trezor”, which brought up a result that included a logo resembling the one used by the namesake cryptocurrency hardware wallet maker, according to the Post.
After downloading the app from the five-star App Store, he lost his savings in less than a second.
Christodoulou has expressed his anger at the Cupertino, California-based iPhone maker. He said, “They betrayed the trust I had in them.”
“Apple doesn’t deserve to get away with this.”
Why is this important: An Apple spokesperson called the App Store the “world’s most secure app marketplace,” the Post reported.
“In the rare event that criminals defraud our users, we take swift action against these actors as well as to prevent similar violations in the future,” the spokesperson said.
See also: Best cryptocurrency wallets
Apple has reportedly acknowledged other cryptocurrency scams on the App Store, but did not disclose a number.
Coinfirm, a UK-based company specializing in the regulation of cryptocurrencies, said the bogus apps on Apple and Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), a subsidiary of Google, app stores are common.
According to Coinfirm, five people reported cryptocurrency stolen by the fake Trezor app on iOS with a total value of $ 1.6 million. On Android, losses totaled $ 600,000 in cryptocurrency.
Trezor itself does not have a mobile app. A spokesperson for the company said he had informed Apple and Google for years of bogus apps masquerading as their product, the Post reported.
This month, a cryptocurrency user was swindled out of 10 BTC, now worth nearly $ 591,000 after falling victim to a con artist posing as Elon Musk, CEO of Tesla Inc (NASDAQ: TSLA).
Price action: Apple stock closed down 1.23% at $ 119.90 on Tuesday.
Read more: ‘Tiger King’ NFT drops tomorrow – despite opposition from the Tiger King himself
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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