A Cryptocurrency Wallet in Apple’s App Store Is Raising Security Concerns Amid Bitcoin’s Frenzy
If you’re looking for an iOS-based wallet to store your cryptocurrency, be on the lookout for fakes—especially while the meteoric rise of bitcoin is creating such a public frenzy.
As reported by TechCrunch, there’s an app in the iOS App Store that bears the same name as the popular online service called MyEtherWallet, which helps people to manage their holdings of cryptocurrencies such as Ethereum’s ether.
However, the original MyEtherWallet has nothing to do with the iOS app, as it warned users in a Sunday tweet. The tweet also noted that the original MyEtherWallet has filed a report about the app, though the app was still up on Monday.
It’s not clear whether this is a scam, or simply a case of two services having the same name. The iOS app, which was first uploaded a week ago, does not have the same logo as the online service.
If it is a scam, this is a real problem, as the app reportedly made it to the No. 3 spot in the App Store’s finance category. It allows users to create or import wallets for their cryptocurrencies, promising: “Your keys are encrypted and stored securely inside your phone.”
As TechCrunch noted, that the developer is charging $4.99 for the app is also a contravention of the open-source software licensing that’s associated with MyEtherWallet.
The developer of the app, listed as Nam Le, doesn’t seem to have any other finance apps out there. The other apps coming from the same developer only include “Panda Warrior: Kung Fu Awesomeness” and “Mr. Beard: Icehole Fishermans.”
Fortune has asked Apple what it is doing about the MyEtherWallet app, and will update this story as and if an explanation arrives.