Scam Alert

Caution: Apple’s App Store Removes Fake Malicious Trezor App

Caution: Apple's App Store Removes Fake Malicious Trezor App

Key Points:

A bogus program dubbed “Trezor Wallet Suite” surfaced on the App Store a few weeks ago, according to users.
The false program requests a large amount of personal information from users, which might be used for harmful reasons.
The software has now been pulled from the App Store by Apple.

Apple has advised that customers must download iOS applications from the App Store to avoid being victimized by fraudsters. Some programs, however, have managed to avoid the App Store’s review criteria and discreetly sneak their way into the stores. Recently, there was a phony Trezor Wallet program that tricked users into believing it was an official tool for handling Bitcoin and other cryptocurrencies.

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Trezor is a legal cryptocurrency wallet, however, a fraudulent software dubbed “Trezor Wallet Suite” surfaced on the App Store a few weeks ago, according to several iPhone users. Despite the name, it has nothing to do with Trezor.

The bogus Trezor wallet software has been withdrawn from the Apple App Store. Previously, Rafael Yakobi, Managing Partner of Crypto Attorneys, issued a security notice about the store platform Apple.

Yakobi stated that the software placed first in App Store search results in the United States and the United Kingdom, which is quite concerning. According to him, the first result of a “Trezor” search was a rogue cryptocurrency-stealing software. He advised Apple customers that the phony “Trezor Wallet Suite” program would ask for their seed phrase, enabling its operators to take all of their bitcoin.

“This app has been up for weeks, although the total number of victims is unknown, it could easily be in the hundreds or thousands,” Yakobi added.

A search for “Trezor Wallet Suite” now yields a possibly dangerous program named “MyTREZR Suite: One Edition.” It has just two ratings and cautions that the program is a hoax designed to collect credentials. Apple says that all programs in its official app store have been thoroughly inspected and licensed for security reasons.

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The phishing effort is timed to coincide with Apple’s current battle with crypto platforms on the App Store. Apple has approved cryptocurrency apps for the App Store, but only under strict conditions.

Moreover, such applications are unable to utilize bitcoins to unlock content or functionality.

The Silicon Valley behemoth threatened to delete the social networking app Damus from the App Store last week after it allowed users to pay one other in “Zaps” using Bitcoin-based microtransactions. Apple argued that tipping users is analogous to selling digital material and ordered that the functionality be deleted in order to keep the iOS app accessible on the App Store.

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Apple is not particularly friendly to Bitcoin apps, much to the chagrin of consumers.

Although real iOS applications for managing bitcoin and other cryptocurrency wallets are often rejected by Apple, fraudulent apps such as this one manage to get through the review process.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.