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Bogus Trezor iOS App Snares Investor’s USD 1m Bitcoin Savings

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Bogus Trezor iOS App Snares Investor’s USD 1m Bitcoin Savings 101
Source: Adobe/prima91

A bitcoin (BTC) investor who says he lost over BTC 17 (USD 0.99m) to scammers has hit out at Apple for hosting a fake app on its store that allowed criminals to make off with his “life savings.”

Speaking to the Washington Post, the investor, a Trezor wallet user named Phillipe Christodoulou, explained how he had wanted to use a Trezor app to check his BTC balance. He proceeded to search the App Store on his iPhone for a Trezor app. He recounted that when he came across a bona fide-looking app with a “nearly five-star rating” bearing what appeared to be the Trezor logo, he downloaded it and entered all his credentials.

“In less than a second,” wrote the media outlet, the tokens were gone – and Christodoulou understood he had been duped by scammers who had devised a clever means to trick people into handing them full access to their crypto holdings.

But Christodoulou has laid the blame at the tech giant’s door, with the Washington Post writing: “He says Apple marketed the App Store as a safe and trusted place, where each app is reviewed before it is allowed in the store.”

He said,

“[Apple] betrayed the trust that I had in them. [It] doesn’t deserve to get away with this.”

Apple appraises all apps submitted to its store, but some app-makers notoriously make subtle changes to their app codes once they have been accepted, transforming them into legit-looking phishing scheme tools.

Although periodic reviews do catch many such apps, apps of unsure origin that many cautious crypto users might like to steer well clear of have been known to appear on the Apple store.

Such apps are not the sole preserve of iOS, however. The media outlet says that Google told it that “it knows of two fake Trezor apps that have appeared on the Google Play store,” both of which it has “removed.”

The media outlet also quoted a crypto fraud investigator named Coinfirm as stating that five people have reported losing crypto to thieves via the bogus iOS Trezor app “for total losses worth USD 1.6m,” while “fake Trezor apps on Android stole a total of USD 600,000 in cryptocurrency.”

On a Twitter thread responding to a post from the Casa co-founder Jameson Lopp, many expressed their ire at Apple, with one writing,

“This was a very, very tragic mistake. Apple is still at fault here.”

Lopp himself warned that crypto users should “stop entering seed phrases into software,” and instead “only enter seeds into dedicated bitcoin hardware devices.”

“I thought Apple was meant to verify all apps on their store. That’s usually the reason people give me for not using Android. Looks like Apple aren’t interested in doing that now,” another user wrote.

Others were less quick to point the finger at Apple, with one opining,

“So Apple has to do what exactly? Inspect the source code for every app it hosts and then build that app from source itself? No, the fault was [Christodoulou’s], in having baseless faith in a curated ecosystem.”

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Learn more:
Ledger Scammers Reportedly Go Trans-Wallet & Target Trezor Users
Crypto Security in 2021: More Threats Against DeFi and Individual Users
Two Wrong Guesses And This Programmer Loses USD 241M in Bitcoin
Teaching True Story: Trader Robbed of Nearly USD Half Million in Bitcoin
How to Protect Your Absolute Crypto Lifeline – Seed Words





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FreshKorn Cryptocurrency

Stocks rebound after Omicron plunge

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Reports of the new Omicron variant of the coronavirus brought back memories of last summer when the fast-spreading Delta variant put a dent in the recovery and consumer confidence. This spooked investors on a traditionally quiet day in the market following Thanksgiving, leading to one of the worst days for stocks this year.
The Dow (INDU) logged its worst day since October 2020, while the S&P 500 (SPX) had its worst performance since February. The Nasdaq Composite (COMP) recorded its steepest fall since September.

But just as the market quickly bounced back from its Delta fears, history appears to be repeating itself: Investors are taking a breath and sensing a buying opportunity.

The market opened in the green, with all three indexes sharply higher. The Dow opened up 375 points, or 1.1%, while the S&P rose 1.2%. The Nasdaq was 1.5% higher.

Other asset classes that were battered Friday — notably oil and cryptocurrencies — also recovered.

US oil prices were up 6.7%, or almost $5, at $72.69 per barrel around the time of the stock market open. That doesn’t totally make up for Friday’s drop, but it takes back a chunk of it.

The global oil benchmark Brent was up 5.7% at $76.84 per barrel.

Bitcoin was up more than 5%.

“Investors are trying to make sense of the latest Omicron Covid strain, but at this point more seems to be unknown than known,” said analysts at Bespoke Investments. “Clouding things even more, we’re unlikely to have definitive answers in the immediate future.”



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Stocks tumble as fears over new Covid-19 variant grip global markets

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US equities took a dive at the open and continued their downward path in the first half hour of trading, with the Dow more some 900 points lower. Oil prices were also badly hit.

Over the summer, the Delta variant spooked consumers and weighed on sectors like leisure and hospitality. Now investors and economists worry this new variant could do the same.

Wall Street was deep in the red early Friday, with the Dow (INDU) falling 2.5%, or about 900 points, in what is shaping up to be a volatile session. The broader S&P 500 (SPX) tumbled 1.8% and the Nasdaq Composite (COMP) opened down 1.3%.

It’s a shortened trading session as the New York Stock Exchange will close at 1 pm ET after being closed Thursday for Thanksgiving. Reduced trading volume during this half-day session is also likely to exacerbate the swings in the market.

Nevertheless, it could shape up to be one of the worst days of the year for stocks.

But it’s not just stocks that are getting a beating.

Oil prices are tumbling as well. US oil futures fell 7.4%, or nearly $6, to $72.51 per barrel around the time of the stock market open. The global benchmark Brent dropped 6.8% to $76.63 per barrel.

The US dollar, measured by the ICE US Dollar Index, which pegs it against its main rivals, was down 0.6% Friday morning.

Cryptocurrencies also felt the heat, dropping across the board. Bitcoin was down nearly 7% around the time of the stock market open, according to CoinDesk data.

Meanwhile, investors are pushing into safe haven investments. The 10-year US Treasury bond got more expensive and yields fell more than 0.1 percentage points to 1.52% Friday morning. Gold prices also jumped.



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‘NFT’ is Collins Dictionary’s Word of the Year for 2021, beating out ‘crypto’ and ‘cheugy’

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Written by Jack Guy, CNNLondon

“NFT,” the abbreviation of “non-fungible token,” has been named Word of the Year by dictionary publisher Collins, beating “crypto” and “cheugy” to the top spot.

An NFT is “a unique digital certificate, registered in a blockchain, that is used to record ownership of an asset such as an artwork or a collectible,” according to a blog post from Collins, published Wednesday.

Acting like virtual signatures, NFTs prove the authenticity of an artwork as the blockchain serves as incorruptible proof of ownership, meaning that “original” artworks and their owners can always be identified via the blockchain, even if an image or video is widely replicated.

They also provide scarcity, and as a result the digital art market has been booming.
In March, a digital artwork named “Everydays: The First 5000 days” sold for $69.3 million via Christie’s, making its creator, graphic designer Mike Winkelmann, better known as Beeple, one of the art market’s most valuable living artists.

The idea of a digital revolution is also captured in another of the dictionary’s candidates for Word of the Year: “crypto,” short for “cryptocurrency,” digital money that is challenging traditional forms of money, according to Collins.

It also named “metaverse” in its blog post, following Facebook’s announcement that it would change its corporate name to Meta.

Other selected words reflect the ongoing coronavirus pandemic, with “double-vaxxed” and “hybrid working” making the shortlist.

“Climate anxiety” reflects growing concern about the damage humans are doing to the planet, while “neopronoun” is a way of referring to a person without using their name or traditional markers of gender, such as “he” and “she.” Collins gives “xe,” “ze” and “ve” as examples of neopronouns.

Rounding out the shortlist are “Regencycore,” which is defined as a fashion aesthetic inspired by the Georgian-era clothing seen in the Netflix show “Bridgerton,” and “cheugy,” which is used to say that something is out of date or uncool.

In 2020, Collins named “lockdown” its Word of the Year, for obvious reasons, and, earlier this month, Oxford Languages made “vax” its pick for 2021.

Defined as “a colloquialism meaning either vaccine or vaccination as a noun and vaccinate as a verb,” vax was relatively rare until this year, the company, which publishes the Oxford English Dictionary, said.

In September, vax appeared more than 72 times more frequently than the year before, said Oxford Languages, which analyzes news content to track changes in the English language.



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