bitcoinFake Bitcoin wallet apps are routinely leaking through Apple's App Store vetting process, leaving users' accounts at risk of being compromised and their coins stolen.

That's according to developers of the Breadwallet app, who estimate that fake wallets in the App Store have already lost users of the digital currency up to $20,000.

The suspect apps were first identified by the company in a post on Reddit, warning users that at least eight fake wallets on the App Store were using the same, or very similar, names to existing official mobile wallet apps.

The scam apps appeared to be aping portions of source code, icons, and graphics from legitimate apps to fool users into thinking they were using official wallets.

Breadwallet discovered a fake version of its own app which was added to the App Store on July 29, using the same name and icon as the official version. The company took immediate action and contacted Apple to remove the offending app, after customers inadvertently downloaded the fake and reported stolen funds.

"We talked with one customer who claims to have lost about $10,000, and if we go and look at the coin address where those coins were deposited, last I checked there was $20,000 listed at that address," said Breadwallet co-founder Aaron Voisine, speaking to Motherboard. "So, that's our current estimate for how much customers have lost."

Apple has since removed the offending apps listed by Breadwallet, but their appearance on the App Store has left Bitcoin wallet developers and users questioning the robustness of Apple's vetting process for financial apps.

"I think it would be good for Apple to go through some extra process to make sure they have the identity of the person posting any app in the finance section," Voisine said.

Founder of SSL security certificate company BlackCert, John Casaretto, told SiliconANGLE that the Application Development Signing Certificates, the Apple Developer Program, and the application review process had all been negated by a handful of malicious apps making it onto the Store recently.

"For a long time, it seemed as though Apple's tight controls over its ecosystem were a fairly impenetrable measure against nefarious applications, malware, and junk," said Casaretto. "Clearly that is not the case anymore."

Tag: Bitcoin

Top Rated Comments

69Mustang Avatar
100 months ago
How should Apple know if a wallet is safe? Since Bitcoin is not run by an established company.
It's Apple's job to know if a Bitcoin app, or any app for that matter, is safe. If they don't know, they shouldn't be putting the apps in the store at all.

Not to say Apple shouldn't take a portion of the blame, but to put the blame entirely in their hands is a little disingenuous.
Who else should share the blame? Apple is the sole arbiter of what goes on the app store. Nothing hits the store without Apple's approval. But seriously, who else should take some of the blame?

Respectfully, I strongly disagree with both of you. Strongly. Whether or not there are difficulties associated with Bitcoin, it's Apple's responsibility to ensure that the apps on the app store are legitimate. Period. If Apple's approval process can't properly vet Bitcoin apps, they should stop approving them until they can get a reliable and consistent process in place.
Score: 6 Votes (Like | Disagree)
keysofanxiety Avatar
100 months ago


"For a long time, it seemed as though Apple's tight controls over its ecosystem were a fairly impenetrable measure against nefarious applications, malware, and junk" said Casaretto. "Clearly that is not the case anymore."
Well it's not as simple as this. Loads of people were making a fuss before about Apple not allowing Bitcoin applications on the App Store and the process being bitterly difficult to get approved, or when the apps were removed.

However I don't remember anywhere when these Bitcoin wallet developers gave Apple clarity about how to appropriately approve these apps - distingush what is fake and real - as they could quite easily be misused; especially as it's a more unorthodox payment method.

Not to say Apple shouldn't take a portion of the blame, but to put the blame entirely in their hands is a little disingenuous.
Score: 3 Votes (Like | Disagree)
MH01 Avatar
100 months ago
Lies.....nothing I can download from the App Store can be bad....as I keep getting reminded on MR ...... ;)
Score: 2 Votes (Like | Disagree)
SBlue1 Avatar
100 months ago
How should Apple know if a wallet is safe? Since Bitcoin is not run by an established company.
Score: 1 Votes (Like | Disagree)
RedOrchestra Avatar
100 months ago
The currency of the drug-lords and other underworld - now mostly being run from the deeper reaches of China.
[doublepost=1470744089][/doublepost]And in yet ANOTHER Bitcoin hack - $70 million stolen and the value drops by 20% - who in the right mind bothers with this "currency"

https://techcrunch.com/2016/08/02/bitcoin-drops-20-after-70m-worth-of-bitcoin-was-stolen-from-bitfinex-exchange/
Score: 1 Votes (Like | Disagree)
Scottsoapbox Avatar
100 months ago
using the same name and icon as the official version
Here's step 1 Apple: don't approve new apps with the same name as existing apps.
Score: 1 Votes (Like | Disagree)

Popular Stories

reset password request iphone

Warning: Apple Users Targeted in Phishing Attack Involving Rapid Password Reset Requests

Tuesday March 26, 2024 4:34 pm PDT by
Phishing attacks taking advantage of Apple's password reset feature have become increasingly common, according to a report from KrebsOnSecurity. Multiple Apple users have been targeted in an attack that bombards them with an endless stream of notifications or multi-factor authentication (MFA) messages in an attempt to cause panic so they'll respond favorably to social engineering. An...
Generic iOS 18 Feature Purple

iOS 18: What to Expect From 'Biggest' Update in iPhone's History

Wednesday March 27, 2024 11:10 am PDT by
At least some Apple software engineers continue to believe that iOS 18 will be the "biggest" update in the iPhone's history, according to Bloomberg's Mark Gurman. Below, we recap rumored features and changes for the iPhone. "The iOS 18 update is expected to be the most ambitious overhaul of the iPhone's software in its history, according to people working on the upgrade," wrote Gurman, in a r...
maxresdefault

Apple to Launch New iPad Pro and iPad Air Models in May

Thursday March 28, 2024 11:07 am PDT by
Apple will introduce new iPad Pro and iPad Air models in early May, according to Bloomberg's Mark Gurman. Gurman previously suggested the new iPads would come out in March, and then April, but the timeline has been pushed back once again. Subscribe to the MacRumors YouTube channel for more videos. Apple is working on updates to both the iPad Pro and iPad Air models. The iPad Pro models will...
maxresdefault

Apple Announces WWDC 2024 Event for June 10 to 14

Tuesday March 26, 2024 10:02 am PDT by
Apple today announced that its 35th annual Worldwide Developers Conference is set to take place from Monday, June 10 to Friday, June 14. As with WWDC events since 2020, WWDC 2024 will be an online event that is open to all developers at no cost. Subscribe to the MacRumors YouTube channel for more videos. WWDC 2024 will include online sessions and labs so that developers can learn about new...
apple maps 3d feature

Apple Maps May Gain Custom Routes With iOS 18

Tuesday March 26, 2024 3:10 pm PDT by
Apple may be planning to add support for "custom routes" in Apple Maps in iOS 18, according to code reviewed by MacRumors. Apple Maps does not currently offer a way to input self-selected routes, with Maps users limited to Apple's pre-selected options, but that may change in iOS 18. Apple has pushed an iOS 18 file to its maps backend labeled "CustomRouteCreation." While not much is revealed...
General iOS 17 Feature Orange Purple

Apple Releases Revised Versions of iOS 17.4.1 and iPadOS 17.4.1 With Updated Build Number

Wednesday March 27, 2024 5:59 am PDT by
Apple on late Tuesday released revised versions of iOS 17.4.1 and iPadOS 17.4.1 with an updated build number of 21E237, according to MacRumors contributor Aaron Perris. The updates previously had a build number of 21E236. The revised updates are available for all iPhone and iPad models that are compatible with iOS 17 and iPadOS 17, but they can only be installed via the Finder app on macOS...
applephilschiller

Apple's Phil Schiller Works 80 Hours a Week Overseeing App Store

Wednesday March 27, 2024 2:03 pm PDT by
With the App Store and app ecosystem undergoing major changes in the European Union, The Wall Street Journal today shared a profile on App Store chief Phil Schiller, who is responsible for the App Store. Though Schiller transitioned from marketing chief to "Apple Fellow" in 2020 to take a step back from Apple and spend more time on personal projects and friends, he is reportedly working...