iPhone users beware! This app empties your wallet

Scams continue to occur in the cryptocurrency world. Finally, a fake application in the Apple App Store managed to endanger users. Fake crypto wallet app that imitates the popular Bitcoin wallet Leather creates great risks.

Fake crypto wallet in the App Store stirred social media

The fake app, submitted by an account called “LetalComRu”, uses Leather’s logo and branding to trick users on the App Store. The app also purchased fake positive reviews and reportedly achieved a high average score of 4.9.

The company that developed Leather stated that they do not have an official iOS app. Therefore, it warned that the app listed on the App Store is fraudulent. According to the company’s statement, currently the wallet software is only available through the website.

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The malicious application was reportedly designed to seize users’ crypto assets. Posting on social media, some investors reported that they “lost everything” after unwittingly logging into the fake app.

Experts say the app secretly transfers funds such as Bitcoin and NFTs to a different address. It also collects credentials, jeopardizing user accounts.

Apple has removed the fake Leather app. However, this has once again brought Apple’s app review processes and user reviews into question.