An app pretending to be MyEtherWallet, a free service for storing digital currencies, soared to the top of the iOS App Store before being taken down. The threat has come following a great week for Bitcoin and other crypto currencies wherein the crypto currency market witnessed an increase by more than 20 percent while the price Bitcoin broke $17,000 barrier for the first time.
The fake app, priced at $5, rose as high as number three in the financial section of the App Store. The app’s developer, listed as Nam Le, is not found to be related to the service in any way and does not have any history with Bitcoin.
The dubious application was reported by the official MyEtherWallet Twitter handle; the tweet read: "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."
iPhone manufacturer Apple Inc. confirmed on Monday that the questionable iOS application has been taken off from its App Store. Tom Neumayr from Apple Inc. established in an email that the fake "MyEtherWallet app" has been removed from the App store.
However, the Apple spokesperson did not comment on the number of customers who have purchased the app or if Apple would provide refunds to those who have downloaded it. According to estimates from Apptopia, the app has been downloaded around 3,000 times.
After the news broke out, MyEtherWallet is mulling over introducing an official app. Reportedly, an iOS app is currently in development.
There has been an increase in interest in crypto currencies in recent weeks, as Bitcoin keeps on breaking records, bringing its year-to-date gains to 1,700 percent.
The market has attracted a lot of interest from scammers. Last week, a Slovenia-based crypto currency mining marketplace NiceHash had reported a heist of more than $60 million worth of Bitcoins.