Reporting on Fintech, Bitcoin, Ethereum, Blockchain and Cryptocurrency News in Nigeria


Tricksters Manipulate Apple’s Developer Program, Carted Away With $1.4 Million

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About $1.4 million has been swindled from the hands of victims using crypto apps through the Apple Developer Enterprise program. According to Sophos’ report, the scammers used a dating app to scam people of millions of dollars on Tinder, Bumble, Grindr, Facebook dating and other identical apps.

The attackers were able to manipulate Apple’s developer enterprise programs and corporate signatures to disseminate these counterfeit crypto apps which were disguised as Binance and other trusted crypto brands. 

In Sophos’ report, researchers Jagadeesh Chardraiah and Xinran Wu said that the scam resulted in at least $1.4 million being ripped off victims in the US and Europe. They also explained that the swindlers are shifting their attention from people in Asia and focusing on going after people in the US and Europe.

The researchers Jagadeesh Chadraiah and Xinran Wu even managed to track a Bitcoin wallet associated with the attacker’s thanks to one of the victims who sent out the wallet address he sent money to before being restricted.

According to Moore, the hackers were able to deceive the users of popular dating apps like Tinder, Grindr and also Facebook for a sum of $1.4million by dispensing cloned crypto app CryptoRom and misapplying Apple’s Developer Enterprise Service.

Here’s is how it works

The criminals got in touch with the users of the dating app using fake profiles, started conversing with them and then seduced them into installing CryptoRom and investing in Bitcoin and other cryptocurrencies.

After making a little money from the first trial, victims withdraw and are convinced to invest more. Immediately they deposit a larger amount of money into the app, they cannot withdraw it back.

Conversely, the article stated that the scam for iPhone users had been successful because of the abuse of Apple’s Developer Enterprise program.

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Data Scientist, Tech Enthusiast and a Crypto Lover