Apple confirmed it removed a malicious app impersonating the Ledger self-custody crypto wallet after an on-chain analysis showed more than 50 victims were duped, losing a total of about $9.5 million. The fake Ledger Live app was pulled from the App Store and the developer account, listed as “SAS Software Company,” was terminated, Apple told Cointelegraph.
Apple said the developer employed a bait-and-switch tactic to get users to install the counterfeit Ledger Live app and disclose their seed phrases. The company noted bait-and-switch violations are common: in 2024 it removed or rejected more than 17,000 apps for such tactics, rejected over 320,000 app submissions flagged as spam, copycat or misleading, and blocked more than 37,000 potentially fraudulent apps from reaching users.
Scammers sometimes gain initial approval through legitimate means, then replace screenshots or change descriptions to mimic a well-known app. Apple has battled these kinds of scams for years — in 2013 a clone of Nintendo’s Pokémon Yellow briefly sold on the App Store before it was removed after user complaints.
Blockchain sleuth ZachXBT reported that the fake Ledger app scam affected more than 50 crypto investors between April 7 and 13, with roughly $9.5 million stolen. Losses were heavily concentrated among three victims: one lost $3.23 million in USDT, another $2 million in USDC, and a third lost about $1.95 million across Bitcoin, Ether and staked Ether. Musician Garrett Dutton (known as G. Love) also disclosed losing $420,000 in Bitcoin to the scam.
Similar incidents have occurred on other platforms: in late 2023 scammers bypassed Microsoft’s app review and stole nearly $600,000 via a fake Ledger Live app. These cases underscore the need for investors to independently verify crypto apps on third-party stores as scammers refine their methods.
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