Fake Trezor app in the App Store swindled $1.6m from users

Users lost at least $1.6 million due to a fraudulent service masquerading as the Trezor hardware wallet app, The Washington Post reports.

One of the victims, Phillipe Christodoulou [Phillipe Christodoulou], found the app in the App Store under the name “Trezor”. After he entered his balance-check details, all his bitcoins were stolen. Christodoulou lost 17.1 BTC. At the time they were valued at $600,000; at the time of writing — nearly $990,000.

In an interview with The Washington Post, the victim said he was angrier at Apple than at the scammers, because the company did not vet the app.

Apple explained that often fraudulent app developers initially submit innocuous services for review, and then turn them into phishing apps.

The company said that the fake Trezor app made its way into the App Store by deception and was initially positioned as a “cryptographic” service for file encryption and password storage, not related to cryptocurrencies.

Coinfirm specialists say that Christodoulou is one of several victims. According to Coinfirm, at least five people fell prey to operators of the fake Trezor for iOS. The total loss amounted to $1.6 million.

According to Sensor Tower, the app was available in the App Store at least from January 22 to February 3 and could have been downloaded about 1,000 times.

Apple did not disclose the developers of the app, did not say whether it had passed information to law enforcement or conducted any further investigation into the developers.

Trezor said that the company has been warning Apple and Google about counterfeit apps posing as its product for many years.

Recently, Trezor discovered another similar app in Google Play.

Warning for all Android users!

There is a scam app on Google Play Store impersonating Trezor.
We’ve already reported it and ask you not to install it on your device!

Stay safe and never share your seed with anyone until your Trezor device asks you to. pic.twitter.com/g0ofekDnzs

— Trezor (@Trezor) March 29, 2021

As noted, attackers often use the Trezor name. In 2018, the company uncovered fake Trezor One devices created and distributed by unknown actors.

Earlier in 2021, Trezor representatives warned Android users about fake Mobile Manager Wallet app spreading on Google Play.

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