An unofficial and fake version of the popular Ethereum wallet, MyEtherWallet, which has been thriving lately on the Apple’s App store has finally been removed after it has gained significant popularity to the point of hitting No. 3 on the App Store
MyEtherWallet has risen to number 3 in the marketplace’s finance app category before Apple moderators could finally remove the spurious wallet from sight.
Although the official version of MyEtherWallet does not have an app and its desktop version is free for users to use, the fake version charged $4.99 per download.
Though developers had sounded the warning on social media since December 10, it was not until more than a day later before Apple responded.
Before its removal, it has been noted that about 3000 people had paid $4.99 and downloaded the app, totalling about $15,000 in revenue for the alleged creator Nam Le.
This incident marks a further case in point of how difficult it is to protect entry-level users from threats going on in the cryptocurrency space.
The great inflow of novice cryptocurrency investors gives more opportunities to more experienced hackers who are looking to defraud them of their newly acquired cryptocurrency or even the fiat used to pay for them.