Knock-off version of 'MyEtherWallet' tops Apple's App Store charts

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Apple let a knockoff version of one of the world's biggest crypto wallets into the App Store

A fake wallet app has managed to sneak its way to become the third most popular finance tool on the App Store over the weekend.

An app masquerading as MyEtherWallet.com, one of the internet's most popular services for storing ETH and other crypto coins, has made its way to the top of the iOS App Store charts.

The app's sudden surge in popularity comes as digital currency Bitcoin continues to grow in value and as Bitcoin exchange app Coinbase has dominated the store's free downloads list. That said, the developer is listed as Nam Le, and it has three other apps in the store. So it clearly doesn't have much credibility in finance.

The iOS app costs $4.99 and it first landed on the App Store just over a week ago.

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Apple has issued a January 1, 2018 deadline to many companies - after which any new apps submitted will be rejected - and the scrutiny has already shut down Shoutem, one of many companies that offered app-creation services to smaller businesses.

MyEtherWallet tweeted that it had filed a report with Apple against the app, saying "This is NOT US". Last month, fake apps for a cryptocurrency trading platform called Poloniex were spotted on the Google Play Store and used to steal users' login information.

A crypto wallet consists of a public address where money is sent to, that's shareable, and a private key that grants the wallet owner access - that should never be shared and should be kept securely. It could be an unofficial version of MyEtherWallet with little malicious intent, but still, it appears sketchy. It is, at this time, unknown how many people downloaded the app, but it recently posted an update and thanked users for "early feedbacks".

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