Everyone loves cryptocurrency right? Yeah, what a fun time. Super convenient having nice, reputable apps to manage your crypto investments as well… except when you could be taken advantage of by fraudulent apps stealing yo moneys and ruining yo gains – let’s check it out.
Things are looking a bit rough out there. The FBI recently released a report warning investors of the dangers in fake crypto scams taking place on Apple’s App Store and the Google Play Store after over 240 investors had been scammed out of $42.7 million within the year.
As a result of the growing nonsense with crypto scams, the head of the Senate Banking Committee, Sherrod Brown, is investigating and pressing hard into the matter:
Crypto mobile apps are available to the public through app stores, including Apple’s App Store. While cryptocurrency apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.Sherrod Brown
Brown has also issued letters to both Tim Cook, CEO of Apple, and Sundar Pichai, CEO of Google. These letters are asking the companies to share details in how they respond to fake crypto apps cropping up on their respective stores. This information request goes deep: asking for how often they review existing crypto apps for fraudulent activity, what steps users can take to report fraud and even if Google or Apple have been part of any coordinated efforts to remove these fraudulent crypto apps since January 2020.
Sherrod Brown has given the companies until August 10th to provide the requested information to his committee. Senator Brown is deeply concerned over the impact these fraud apps are having, becoming even more common despite the recent price declines of Bitcoin and other cryptocurrencies.
Let’s hope these investigations and the resulting action by Apple and Google are enough to curb the chaos here. I can’t imagine the amount of sweet old grandmas being taken advantage of by fake crypto apps.
Come on Tim and Sundar! THINK OF THE GRANDMAS! Use your powers for good, and help stop the crypto fraud menace before it’s too late, or something.