Fake Cryptocurrency App Makes It Past Apple’s App Store Screening

With so many fake apps on the web, one of Apple’s jobs with regards to its App Store is to make sure that none of them get past its screening process. Yet a fake cryptocurrency app that piggybacked on the hugely popular MyEtherWallet.com trading platform’s reputation actually did. Users are already being warned about it, but this incident does highlight the problems that arose due to the Bitcoin frenzy.

Skyrocketing to the number three spot on the App Store over the weekend after debuting a week ago, the app MyEtherWallet cost $4.99 to download. Its popularity was due to the brand that its namesake MyEtherWallet.com had built in the cryptocurrency community. The site has since contacted Apple to have the app removed and is now warning users away from downloading it, PC Mag reports.

The rush to download the app was fueled by the current excitement surrounding Bitcoin as the digital currency’s price continues its erratic rise and fall. While there are actual, legitimate apps in the market for trading in cryptocurrency, MyEtherWallet is not one of them.

Its creator, Nam Le, only has three other apps on the App Store and none of them have anything to do with the cryptocurrency market. As to what the app masquerading as a cryptocurrency service even does, it basically allows users to import or create a wallet for storing their digital currencies, TechCrunch reports.

Both the original creators of MyEtherWallet.com and publications are advising users not to download the app or to use it. Those who already have are also strongly encouraged to move their digital coins to their original platforms and delete the app posthaste.

An unknown creator having significant access to the cryptocurrency wallets of what appears to be a lot of people is hugely concerning. Both Nam Le and the MyEtherWallet app are unknowns and should be treated with caution.