A nearly $10 million cryptocurrency theft has been linked to a fake Ledger wallet app distributed through Apple’s App Store. An investigation by blockchain sleuth ZachXBT revealed the theft occurred in April, with funds stolen from over 50 victims. Apple removed the app this week, citing its “bait-and-switch functionality,” and suspended the developer’s account. High-profile victims include musician G. Love, who lost approximately $436,000 in Bitcoin, exemplifying the persistent threat of fraudulent apps targeting crypto users across major platforms.
Apple defended its efforts against malicious apps following an investigation showing hackers stole nearly $10 million in crypto via a fake Ledger wallet. Blockchain investigator ZachXBT stated he found $9.5 million in Bitcoin, Solana, and Tron was stolen in April after users downloaded a malicious app.
A company spokesperson said the app was removed for its bait-and-switch functionality and the developer’s account was suspended. The spokesperson noted over 320,000 app submissions were rejected and action was taken to prevent over 37,000 potentially fraudulent products from reaching users in 2024.
The case gained attention after American singer G. Love wrote he lost his retirement fund, about 5.9 Bitcoins worth over $436,000. He said he was tricked into putting his seed phrase into the app after downloading it from the Apple store.
According to ZachXBT’s investigation, crypto was stolen from over 50 suspected victims between April 7 and 13. The investigator said the biggest losses came from three victims who lost a combined $7.25 million, mostly in USDC and USDT.
Cybercriminals have used fake apps and ads to steal crypto for years. ZachXBT previously flagged that over half a million dollars in Bitcoin was lost from a fake Ledger app on the Microsoft App Store in 2023.
Billionaire Mark Cuban lost nearly $900,000 in crypto after accidentally downloading a fake MetaMask wallet from a Google ad. He only realized he had been targeted after being contacted about the attack.
