Apple finally boots fake crypto app from the App Store but not before over $100k was stolen

The reason why Apple is against allowing iPhone users to sideload apps is because it allows users to install potentially dangerous apps on their devices that Apple has not had the opportunity to vet. But this vetting process doesn't always stop a malicious app from getting listed in the App Store. Recently, Apple removed an app from the App Store that gave iOS users illegal access to streaming movies and television shows.

The latest incident involves a fake app named Rabby Wallet & Crypto Solution. The problem is that there is a real crypto app called Rabby Wallet that is under review by Apple. The developer for the real Rabby Wallet app wrote a tweet that says, "A FAKE iOS app has resurfaced. Please note that our iOS app is still under review. Identify the real app by Developer: DeBank (Android) & DeBank Global Pte. Ltd. (iOS). For secure downloads, ONLY use our official website: http://rabby.io."

Since the real app has yet to be approved and does not have an App Store listing, the cybercriminals behind Rabby Wallet & Crypto Solution are taking advantage of the absence of the real app. On Reddit, subscriber Manolo wrote about the situation and pointed out how the fake app copied the logo from the real one. He says, "What is very concerning is how a closed ecosystem like Apple Appstore would allow blatant use of the real logo, impersonating the real wallet, causing to [sic] huge amount of funds lost...." Manolo says, that according to complaints posted in the Rabby Discord, over $100,000 has been stolen by the fake app.

As recently as two days ago, the fake app was still in the App Store but has since been removed by Apple. On the tech giant's Discussions page, an iPhone user wrote, "I was also scammed for about 5k USD from this fraudulent app this morning. I have raised a support case with Apple to see if there's any means of reimbursement as the app has been reported multiple times prior and is still standing 4 years now. Will provide an update on the case if anything comes from my report too."

While Apple has removed the scam app, it still could be on your iPhone. If you do have Rabby Wallet & Crypto Solution on your device, uninstall it immediately.