Fake Trezor Wallet App slips through Apple App Store safety check, steals money
The development of cryptocurrency technology has resulted in a proliferation of cryptocurrency apps. Alongside the legitimate ones, there has been a troubling surge in fake apps designed to deceive users and unlawfully obtain their money, and one of those was able to bypass the App Store safety checks.
Rafael Yakobi, a member of The Crypto Lawyers, a team of lawyers dedicated to helping developers, investors, and organizations with legal representation related to cryptocurrency technology, took to Twitter to warn users about a fake version of Trezor Suite Lite that managed to climb to the top of the App Store search results.
The fraudulent app goes by the name Trezor Wallet Suite, and Yakobi revealed that it had been available for weeks. This means that thousands of people might have unknowingly installed it and become victims of the scam.
In his tweet, Yakobi cautioned that the fake app prompts users to provide their seed phrases, granting the app's operators access to all the victim's cryptocurrency holdings. And as we can see from some comments on the tweet, this has already happened to at least one user.
Seed words or a seed phrase is a set of words necessary to recover Bitcoin funds "on-chain." If someone knows these words, they can take control of the user's Bitcoins. Therefore, Trezor advises users to never enter their seed words on a website and emphasizes the need to safeguard them.
The fraudulent app goes by the name Trezor Wallet Suite, and Yakobi revealed that it had been available for weeks. This means that thousands of people might have unknowingly installed it and become victims of the scam.
If you have recently installed a Trezor Wallet app, verifying whether it is legitimate Trezor Suite Lite or the fake Trezor Wallet Suite is crucial. The fake app has already been removed from the App Store.
In his tweet, Yakobi cautioned that the fake app prompts users to provide their seed phrases, granting the app's operators access to all the victim's cryptocurrency holdings. And as we can see from some comments on the tweet, this has already happened to at least one user.
— truth.sats (@TwebbaC) June 20, 2023
The authentic, open-source wallet developed by Trezor appears in mobile app stores as Trezor Suite Lite. You should know that Trezor is a legitimate cryptocurrency wallet.
However, how and why Apple failed to detect this scam remains unclear. Let's hope that not many individuals have fallen victim to this scheme and lost their money, as in a case two years ago with a similar scam involving the Trezor name.
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