Key takeaways:
- A deceptive crypto app on Apple App Store has swindled users of thousands of dollars, slipping past Apple’s approval system.
- imposter app was listed under “Rabby Wallet & Crypto Solution” for at least four days
The crypto community is on high alert as a counterfeit version of the popular Rabby Wallet app wreaks havoc among unsuspecting Apple App Store users.
The fake application, named “Rabby Wallet & Crypto Solution,” has been masquerading as the official Rabby Wallet app, leading to distress and financial losses among affected individuals.
The counterfeit app has managed to evade detection and gain approval from the App Store, despite the real Rabby Wallet app still undergoing the review process.
Developed by DeBank Global Pte. Ltd., the legitimate Rabby Wallet app offers blockchain services through alternative platforms such as a Mac app or Chrome extension. However, the fake app, created by a company named “Solution Development,” has caused significant harm to users.
Concerned users, including Reddit user u/manolodf, have taken to online platforms to warn others about the fake wallet app. Screenshots shared on Reddit and the Apple discussion board depict users who have lost substantial amounts of money due to the malicious app.
Victims have reported losses ranging from approximately $5,000 to significant reductions in portfolio value and drained cryptocurrency wallets, with one NFT collector estimating a loss of nearly $40,000 in Ether.
The persistence of the fake Rabby Wallet app highlights concerns regarding Apple’s ability to effectively curb malicious software on its platform. Despite user reports and previous instances of similar occurrences, the app remained accessible, leaving users vulnerable to financial harm.
This incident underscores the importance of exercising caution when downloading and using crypto-related applications, especially from third-party sources. Users are encouraged to verify the legitimacy of apps and developers before trusting them with sensitive financial information.
Furthermore, this situation serves as a reminder of the vulnerabilities present in iOS applications. In December, blockchain security firm CertiK alerted OKX users to a significant security vulnerability in their iOS applications highlighting the ongoing challenges in securing mobile applications.
In conclusion, the proliferation of fake crypto wallet apps on the Apple App Store poses a serious threat to users’ financial security. It is imperative for both users and platform providers to remain vigilant and take proactive measures to mitigate the risks associated with fraudulent applications.
