MyEtherWallet.com is one of the leading cryptocurrency apps in the market today, and any scam related to this app could have huge consequences.
Hackers and scammers have been trying to cash in on the cryptocurrency rage for years, and as valuations rise, the problem is only going to get worse.
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This weekend, the app rose to number three in the Finance category of the App Store, which is another sign of just how mainstream cryptocurrencies have become.
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MyEtherWallet tweeted that it had filed a report with Apple against the app, saying "This is NOT US". It allows users to create or import wallets for their cryptocurrencies, promising: "Your keys are encrypted and stored securely inside your phone". The app's developer is listed as Nam Le, who has no relation to the service and no history with bitcoin (Le's other apps include a panda warrior game and a fishing game). Of course, we don't know anything about the developer or their intent in creating the app.
But the imposter version of MyEtherWallet is breaking the law in many ways. Just like Apple's other preinstalled apps, it's also not meant to be removed from your phone, but a bug in the operating system appears to be allowing people to do so. The developer is monetizing free and open-source software (FOSS), as MyEtherWallet pointed out on Twitter.
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In light of this, it shouldn't take Apple long to take action by removing the fake Ethereum app. Apps submitted for listing in Apple's App Store must undergo a very rigorous vetting process before they are posted.