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
111 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
111 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
111 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
111 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
111 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
111 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

2007 iPhone

Apple Discontinuing This 18-Year-Old iPhone Feature

Saturday February 8, 2025 3:51 pm PST by
The end of an 18-year era is on the horizon for the iPhone. Apple reportedly plans to announce a new iPhone SE as soon as next week, and the device is expected to feature a full-screen design with Face ID, instead of a Touch ID home button. That means Apple will no longer sell any new iPhone models with a home button, for the first time since the original iPhone launched. The home button...
oppo find n5 fingers

World's Thinnest Foldable Phone Launches Next Week

Monday February 10, 2025 3:05 am PST by
Oppo has confirmed a February 20 global launch for its Find N5, which the company claims is the world's thinnest device in the foldable phone category. The phone is expected to be re-branded as the OnePlus Open 2 in the US. The Chinese vendor has been teasing the device in the last few weeks, touting its waterproofing and nearly invisible display crease, and highlighting its thinness by compa...
m2 macbook air blue

M4 MacBook Air Release Continues to Appear Imminent

Monday February 10, 2025 10:56 am PST by
There continue to be signs of a new MacBook Air with an M4 chip, indicating that we could see the machine launch in the not too distant future. A private account on X today shared the identifiers that the MacBook Air will use, and those identifiers correspond to the M4 chip. According to the source, both the 13-inch MacBook Air and the 15-inch MacBook Air will be equipped with Apple's...
iPhone SE 4 Thumb 1

'New' iPhone SE Product Listing Appears on French Website

Wednesday February 12, 2025 6:49 am PST by
As the wait continues for Apple's long-rumored, fourth-generation iPhone SE, French electronics retailer Boulanger has prematurely published a product listing for a "new" model of the iPhone SE. The placeholder page says the device is "coming soon," but it offers no further information, and the price shown is obviously not real. The listing was spotted by a reader of the French technology...
watchOS 11 Thumb 2 1

Apple Releases watchOS 11.3.1

Monday February 10, 2025 10:04 am PST by
Apple today released watchOS 11.3.1, a minor update to the operating system that runs on the Apple Watch. watchOS 11.3.1 is compatible with the Apple Watch Series 6 and later, all Apple Watch Ultra models, and the Apple Watch SE 2. watchOS 11.3.1 can be downloaded by opening up the Apple Watch app and going to General > Software Update. To install the new software, the Apple Watch needs to...
sequoia

Apple Releases macOS Sequoia 15.3.1

Monday February 10, 2025 10:11 am PST by
Apple today released macOS Sequoia 15.3.1, a minor update to the macOS Sequoia operating system that came out last September. macOS 15.3.1 comes a few weeks after the launch of macOS Sequoia 15.3. Mac users can download the ‌‌‌macOS Sequoia‌‌‌ update through the Software Update section of System Settings. Apple has also released macOS 13.7.4 and macOS 14.7.4 for those who are...
Powerbeats Pro 2 Orange

Powerbeats Pro 2 Given to Customer Early, Expected to Debut Tomorrow

Monday February 10, 2025 7:42 am PST by
Apple's long-awaited Powerbeats Pro 2 are finally expected to be announced this Tuesday. Ahead of time, one lucky Walmart customer was able to get their hands on the earbuds early, according to a since-deleted Reddit post over the weekend. A leaked image of the Powerbeats Pro 2 in Electric Orange "My local Walmart had them in the cage," the Reddit user explained. "I asked if I can buy them...
iOS 18

Apple Releases iOS 18.3.1 With Bug Fixes

Monday February 10, 2025 10:09 am PST by
Apple today released iOS 18.3.1 and iPadOS 18.3.1, minor updates for the iOS 18 and iPadOS 18 operating systems that came out last September. iOS 18.3.1 comes two weeks after Apple released iOS 18.3. The new software can be downloaded on eligible iPhones and iPads over-the-air by going to Settings > General > Software Update. Apple has also released iPadOS 17.7.5 for those still running...
apple silicon mac lineup 2024 feature purple

Apple Increases Mac Trade-In Values for a Limited Time

Sunday February 9, 2025 3:53 pm PST by
Apple today increased its estimated trade-in values for select Mac models in the United States, with the full changes outlined below. Apple says the extra trade-in credit for select Macs is available with the purchase of an eligible new Apple device through April 2. The trade-in values increased by between $10 and $50. Model New Value Old Value MacBook Pro Up to $925 ...