Smartphone-based cryptocurrency wallets are an extremely popular and convenient method of storing crypto, but come with a number of security risks. The meteoric rise in the value of Bitcoin has led many amateur investors to enter the crypto market with little understanding of how wallet management works.
As a result, the number of fraudulent or fake cryptocurrency platforms, especially wallets, is on the rise. A new wallet app in the iOS App Store appears to be attempting to trick unsuspecting investors by copying the name of popular online ether wallet walled MyEtherWallet.
While MyEtherWallet is indeed a reputable and trustworthy Ethereum wallet, it has absolutely nothing to do with the iOS app. MyEtherWallet has released a tweet regarding the fake app, and has stated that they have filed a report with Apple which has not yet resulted in the takedown of the app:
“This is NOT US. We have file reports and emailed and reported. Would appreciate the communities assistance in getting these scamtards out of our lives.”
At this point it’s not clear whether the MyEtherWallet app is a scam, or whether it is simply attempting to capitalize on the crypto hype by borrowing MyEtherWallet’s name. The MyEtherWallet iOS app does not have the same logo as the real MyEtherWallet platform, and was uploaded one week ago.
If the MyEtherWallet app is a scam, then it could potentially result in the loss of a significant amount of capital as it has risen to the third position in the App Store’s finance category. According to the MyEtherWallet iOS app description, it allows users to create or import wallets in order to “securely manage their cryptocurrency”, stating “Your keys are encrypted and stored securely inside your phone.”
Providing your private keys to any platform is a pretty bad idea in any case. The developer of the MyEtherWallet iOS app is charging $4.99 USD for their solution, which also contravenes the open-source licensing that is associated with MyEtherWallet.
The developer of the MyEtherWallet iOS app is listed as “Name Le”, and is not linked to any other finance apps. The only other apps available on the iOS App Store by the same developer are “Mr. Beard: Icehole Fishermans” and “Panda Warrior: Kung Fu Awesomeness”, which don’t particularly help build trust in the application itself.
Apple has yet to release a statement regarding the MyEtherWallet app or respond to press inquiries.