Users have lost at least $1.6M falling victim to a fraudulent service posing as an application from the popular hardware wallet Trezor, The Washington Post has reported.
One of the victims, Phillipe Christodoulou, found the app in the App Store after searching for the word Trezor. After entering his access details to check his balance, all of his Bitcoins were stolen. Christodoulou lost a total of 17.1 BTC. The amount stolen was as high as $600,000 at the time the theft took place, however, those 17.1 BTC are now worth $990,000.
Christodoulou has said he is more angry with Apple than with the scammers due to de fact that the company should have detected the fraudulent app.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
Apple has explained developers of fraudulent apps often initially include "innocuous" services when they submit the app for verification and then turn them into phishing apps.
Coinfirm claims Christodoulou is just one of many victims of the scam. According to the company, at least five people have fallen victim to this fraudulent Trezor app, which has allowed its creators to pocket more than $1.6M.
According to Sensor Tower, the app has been downloaded about 1,000 times.
Trezor has reported it has been reporting fake apps posing as a company product to Apple and Google for years.