Apple Store’s Scam Bitcoin Wallet Apps & Controversy

By August 8, 2016Bitcoin Business
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Apple Store’s Scam Bitcoin Wallet Apps & Controversy

The Apple App Store (iOS) is a major mobile application distributor particularly known for its rigorous and sometimes impractical method of verifying apps released on its digital distribution platform.

Breadwallet, one of the bitcoin industry’s most trusted wallet platforms, has consistently praised the security protocols and measures the Apple team provides to mobile app developers and distributors on its app store.

More importantly, the Breadwallet team emphasized Apple’s “rigorous review” process, which takes much longer time than other mobile distribution platforms like Android’s Play Store but ensures a thorough and in-depth evaluation of the application.

“Apple has always been a little draconian about the eco-system they built for the iPhone, and there are benefits to a system in which one entity is in control of everything. All apps must be digitally signed before they are distributed, which means virus-ridden versions can’t make the rounds, and every app goes through a rigorous review, which prevents malicious or fraudulent apps from appearing in the App Store,” the Breadwallet team explained on a recent blog post.

However, users have begun to notice the emergence of not one but few scam bitcoin wallet applications on the Apple App Store over the past few days.

On August 3, the Bitcoin Wallet team, an Android and BlackBerry OS-based bitcoin wallet service provider warned its users against a fake replica of their wallet platform on the Apple App Store, hinting that it is most likely a scam application. It used Bitcoin Wallet’s screenshots, logos, and user interface.

The Apple development team removed the scam app from the mobile store almost immediately after the Bitcoin Wallet team’s announcement.

A few days after the removal of a bitcoin scam application, Apple App Store users discovered another bitcoin scam app this morning named BitWallet. The developers of this application used the name of a popular Bitcoin wallet platform called Green Address, distributing the app as, “BitWallet – Bitcoin Wallet by Green Address.”

Again, this app was removed by the Apple App Store team but it triggered some controversial debates. Considering Apple’s rigorous and in-depth evaluation of applications, it is hard to believe that these fake bitcoin apps made it to the store.

It is important for the Bitcoin community and industry that app distributors conduct a thorough investigation when verifying an application that is used to store one’s money.

Joseph is a web developer and designer, writer and a passionate musician who loves to travel often. He’s worked as a researcher for a number of venture capital firms and as a freelancer designer for resorts and corporations in Korea and the Philippines. Joseph will be covering new technologies, startups, technical analysis and breaking news in the bitcoin industry.

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