Imposter Cryptocurrency Wallet App Races Up Apple's Store Charts

Yolanda Curtis
December 11, 2017

They build apps for businesses that don't have the internal resources to build their own apps or can't afford to hire a custom shop to design a new iOS app from scratch.

Hackers and scammers have been trying to cash in on the cryptocurrency rage for years, and as valuations rise, the problem is only going to get worse.

The app rose to the number three spot in Finance category of the App Store this weekend as part of a bitcoin frenzy that saw bitcoin exchange Coinbase top Apple's free download list in the U.S. In this case, however, it is important to note this app is not official so users should avoid downloading it.

This developer, listed as Nam Le, has three other apps in the App Store - the other two are panda fighting games.

The creators of MyEtherWallet said in a tweet that they have contacted Apple in a bid to have the app removed.

Apple's efforts to purge clone and spam apps from the App Store by banning those created by a "commercialized template or app generation service" has ended up driving small businesses off the platform as well, TechCrunch reports. It enables users to transfer wallets to the app where they can store currency without an exchange. It could be an unofficial version of MyEtherWallet with little malicious intent, but still, it appears sketchy.

This one-week-old app is not free - the developer charges $4.99 for each download. The fake Ethereum app also monetizes open-source software, which is seriously unethical and possibly illegal.

Removing the app isn't a big deal unless you delete it, then later decide you want to use Apple Pay Cash.

Given that the App Store's vetting process is more rigorous than others in the same industry, it is unclear how the interloper topped the charts and secured an ad on the store.

Other reports by iNewsToday