Saturday, February 4, 2023

Fake Ether Wallet Runs Amok in the Apple App Store

Fake Ether Wallet Runs Amok in the Apple App Store

Fake apps are practically routine in the cryptocurrency world now, and it appears Ethereum was the latest target. An impostor app going by the name of MyEtherWallet wandered through the iOS App Store for over 48 hours before finally being removed following numerous complaints. Representatives of the real MyEtherWallet said its name was the only similarity it held to the real thing, and that visitors shouldn’t be fooled by its similar logo.

Also read: Japan: We’ll Tax All Digital Asset Gains, Including Consumer Purchases and Forks

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Beware: Posers Are Probably Among Us

An official warning was posted on Twitter Saturday night, telling buyers to avoid the app; that it had nothing to do with the original wallet, and that a subsequent report had been filed.

Harsh words indeed, yet the app remained available for purchase up through Monday afternoon, long enough for it to reach the number three spot in the App Store finance category. This suggests a relatively solid number of sales, and it’s unclear if anyone is in danger of sending their coins down the wrong path.

A Questionable Background

For the record, an official MyEtherWallet iPhone app doesn’t even exist. So if you see any others, be skeptical.

The fake app was selling for $4.99, which eventually stemmed beliefs that it was a scam, as the original MyEtherWallet is open-source and available for free to the public.

It also promised users that their keys would be “encrypted and stored securely inside” their phones, a claim most likely as fake as the app.

Additionally, the app’s developer Nam Le didn’t seem to have any other financial apps to his name. He has invented two games including “Panda Warrior: Kung Fu Awesomeness” and “Mr. Beard: Icehole Fishermans,” and a counting app for the Apple Watch.

Awaiting Further Developments is often cited as one of the best cryptocurrency-storing wallets around. Presently, it’s unclear how many people have purchased the app, nor is it likely we’ve heard the last of it. Bitsonline will continue to bring you more as this story develops.

Long considered Bitcoin’s greatest competitor, Ethereum may not be strong enough to dethrone the crypto-patriarch just yet, but it’s certainly managed to hold its ground. An Ethercash ICO recently closed after raising a whopping $30 million, and ether (ETH) itself set price records in November when it crossed the $400 USD mark (up by over 100 percent since 2016).

Are events like these mistakes, or are they part of elaborate schemes to burglarize crypto? Post your comments below.

Images via Pixabay

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