Hi-Tech

Imposter Cryptocurrency Wallet App Races Up Apple's Store Charts

Imposter Cryptocurrency Wallet App Races Up Apple's Store Charts

Of course, this story wouldn't be as interesting if the app was what it purported to be.

The app's sudden surge in popularity comes as digital currency Bitcoin continues to grow in value, with free Bitcoin exchange app Coinbase dominating the store's free downloads list. So it clearly doesn't have much credibility in finance. It does not have a mobile app for the iPhone, but you could find one called "MyEtherWallet" with a similar-looking logo on the app store as recently as this morning.

In a tweet yesterday, the creators of MyEtherWallet said that they have contacted Apple in order to get the app removed.

"This is NOT US".

Apple's efforts to purge clone and spam apps from the App Store by banning those created by a "commercialized template or app generation service" has ended up driving small businesses off the platform as well, TechCrunch reports. Would appreciate the communities assistance in getting these scamtards out of our lives.




The app notes claim all keys are stored on device, but nevertheless granting an unknown developer full trust of wallet information, be it importing an existing wallet or creating a new one, is certainly ill-advised.

Crypto wallets have become hugely popular as Bitcoin has grown over the years, and they usually consist of a shareable public address and private key. It could be an unofficial version of MyEtherWallet with little malicious intent, but still, it appears sketchy.

As TechCrunch noted, that the developer is charging $4.99 for the app is also a contravention of the open-source software licensing that's associated with MyEtherWallet.

It isn't clear how many downloads the app has gotten, but notes from the most recent update are thankful for users' "early feedbacks".


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