If you have an iOS device and are interested in Ethereum, then there’s a serious threat lurking in Apple’s App Store. There’s a fake Ethereum wallet app that supposedly is the well-known service MyEtherWallet, but the company is warning that it isn’t.
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.
Beware this fake Ethereum wallet app
What’s even more concerning is that the fake Ethereum wallet app rose through the ranks to become the third most-downloaded app in the App Store’s Finance category over the weekend. Cryptocurrency exchange Coinbase’s app was the most-downloaded app in the App Store over the weekend, so scammers are trying to cash in through various means.
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The listing for the fake Ethereum wallet app states that it allows users to import a crypto wallet and store cryptocurrencies outside of an exchange, so there’s no cat breeding involved. The developers behind the real MyEtherWallet tweeted that they’ve contacted Apple about the fake Ethereum wallet app.
This is NOT US. We have file reports and emailed and reported. Would appreciate the communities assistance in getting these scamtards out of our lives.
— MyEtherWallet | MEW (@myetherwallet) December 10, 2017
The developer behind the fake Ethereum wallet app is listed as Nam Le, and it’s the perfect example of how easy it is for those with nefarious intentions to separate people from their money. Of course, we don’t know anything about the developer or their intent in creating the app. It could be an unofficial version of MyEtherWallet with little malicious intent, but still, it appears sketchy.
Fake Ethereum wallet app may be a scam
However, users are required to pay $4.99 to download the fake Ethereum wallet app, so at the very least, the developer appears to be trying to cash in by convincing App Store users that the app is the real deal. Additionally, TechCrunch warns that the app requires access to all keys stored on the device it’s downloaded on, which is never a good idea if you don’t know the developer of an app. The fake Ethereum app also monetizes open-source software, which is seriously unethical and possibly illegal.
In light of this, it shouldn’t take Apple long to take action by removing the fake Ethereum app. Many fans of cryptocurrency have expressed outrage at the fact that the iPhone maker even allowed the app through in the first place. Apps submitted for listing in Apple’s App Store must undergo a very rigorous vetting process before they are posted.