A Fake Version of My EtherWallet Was On The App Store For A Week
Last week, an app claiming to be MyEtherWallet.com appeared on the App Store before being removed by Apple at the request of MyEtherWallet.
— Christian Lundkvist (@ChrisLundkvist) December 10, 2017
This is NOT US. We have file reports and emailed and reported. Would appreciate the communities assistance in getting these scamtards out of our lives.
— MyEtherWallet.com (@myetherwallet) December 10, 2017
The false MyEtherWallet app has been removed from the iOS store. Finally.
You’re all the best. 🙏 😻
— MyEtherWallet.com (@myetherwallet) December 11, 2017
While the app has since been removed, it became fairly popular during the brief window that it existed. Before being removed, it was the third most popular finance app on the App Store and cost $4.99.
The app was developed by a developer named Nam Le. The developer has created three apps, two of which appear to be fighting games. However, he doesn’t appear to have any experience related to cryptocurrency, Bitcoins or general financial matters.
The app itself claimed that all keys are stored on the user’s device, but there are obvious security issues with trusting an unknown app with crypto wallet information. Cryptowallets consist of two components. The first is a public address where the currency is sent to and a private key which grants the owner access to the funds in the account.
Security issues aside, the app itself is unethical due to the fact that in monetizes open-source software. MyEtherWallet has stated that it intends to remain an open source project. This is akin to a developer creating a version of Ubuntu and trying to sell it in stores as an official product.
As stated, the app has been taken down after a week, but it’s unclear how many times it was downloaded. Tech Crunch places the number at about 3,000, but that’s just an estimate.
Eric is an avid tech junkie, gamer, and comic fan. When he's not working on his PC, you'll find him at your local comic book shop.