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Apple pulls fake cryptocurrency app that hit #3 on App Store finance charts

An impostor app pretending to belong to MyEtherWallet.com has been removed from the App Store, but not before it managed to secure an ad and climb to third place in the store's Finance category over the weekend.

Image Credit: Christian Lundkvist on Twitter

Image Credit: Christian Lundkvist on Twitter


The developers behind the genuine MyEtherWallet called attention to the scam on Sunday, saying they were reporting the app in a bid to get it removed, according to TechCrunch. The fake title's creator was listed as "Nam Le," a person with three other iOS apps, but nothing involving cryptocurrency.

The app cost $4.99, and was on the App Store for a little over a week. It promised to let people create or import a wallet for cryptocurrencies, saving keys on-device —a risky proposition with an unknown developer, who could've theoretically harvested the data. At least 3,000 downloads were made.

The fake software was moreover attempting to monetize a free open-source platform, which is frowned on in industry circles.

Cryptocurrencies such as Bitcoin and Ethereum have exploded in popularity during 2017, and even more so in the past few weeks. At the moment, a single bitcoin is worth over $16,000 —helped by the start of futures trading.

Apple periodically deals with fake apps, but is normally able to catch them during the review process or before they achieve any real popularity.