A fake app that is almost identical to the popular cryptocurrency wallet Phantom, originally developed by Phantom Technologies Incorporated, has infiltrated Apple’s App Store. The problem becomes even more alarming because this fake app sometimes appears as advertisements even before the genuine app.

Fraudsters have used a very professional method to deceive users. While the original app is classified as a utility, the fake app is categorized as an educational app called “Meta Voxify”.

This makes it difficult to detect a fake app at first glance. What’s even more interesting is that this publisher only has this fake application.

The description of the fake application seems to have been written for a completely unrelated application. The description lists the features of an app called “Voxify AI” that appears to be a text-to-speech tool.

When users search for “Voxify Ai” in the App Store, they are directed to the fake Phantom wallet application. This increases the risk of users being defrauded.

Although the fake application has been removed from the App Store, the negative comments of users who have downloaded it before are not very encouraging. Many users complain that their cryptocurrencies are lost when they upload their wallets to the fake app. This shows that the fake application can steal cryptocurrency wallet information.

This incident calls into question how effective the security measures in Apple’s App Store are. In a similar incident last year, a clone of the cryptocurrency wallet Rabby Wallet also infiltrated the App Store and was listed before the original app. This reveals that fraudsters are using increasingly sophisticated methods.

Cybersecurity experts state that fraudsters have been targeting more and more smartphone users in recent years. A study conducted in 2023 revealed that people using the fraud method called “pig butchering” bypassed the security measures of Google and Apple’s application stores to deceive victims. The report states that fraudsters steal money from users by connecting applications with valid certificates to malicious servers.

The fraud attempt, which came to the fore with the fake Phantom wallet application, once again made cryptocurrency investors nervous. Mende Matthias, one of the co-founders of the Dubai Blockchain Center, recently reported that he lost over $100,000 in funds from his Phantom wallet. Matthias stated that despite taking various security measures, his funds were transferred to a different wallet address.

Matthias also emphasized that scammers do not click on a link or visit a suspicious website. This brings to mind the possibility of fraudsters seizing cryptocurrency wallets using more advanced methods. Matthias confirmed that his funds were not lost through the fake Phantom wallet app, but he has not yet revealed how the attackers got into his wallet.