Fake version of top Bitcoin wallet appears on iOS App Store

bitcoin
An app pretending to be a popular cryptocurrency-storing wallet site, MyEtherWallet, has soared to the top of the iOS App Store, following a great weekend for Bitcoin as prices soared by 20 percent, exceeding a price of $17,000 per Bitcoin.

The app in question, priced at $5, makes no claims to be the popular website, despite sharing a name, and a quick browse of the creator’s past apps only reveals two panda-themed fighting games, and a handful of other apps — none related to Bitcoin or cryptocurrency.

The official MyEtherWallet Twitter account posted an update, urging users not to download the app, and revealed that the app has been reported to Apple.

The importance of a wallet in regard to cryptocurrency is much the same as with real-life currency; a wallet helps to keep your funds safe until you’re ready to spend them. Given the enormous value of Bitcoin, and the recent boom, it’s worth investors’ time to ensure that the wallet service they choose is fully secured and safe, since losing their Bitcoin could cost them thousands of dollars. There’s nothing to overtly suggest that MyEtherWallet is not a legitimate wallet service, and the name could well be a coincidence — but Bitcoin-owners would be wise to avoid this particular app for now, especially given the lack of any development history with cryptocurrency.

Bitcoin

Bitcoin has been in the news a lot of late, with its currency value continuing to rise. PC videogame retailer Steam recently stopped allowing use of the currency for sales of its games, but the popularity of Bitcoin has continued nonetheless, with investment firms planning to offer Bitcoin-based futures. While many people assume the bubble will burst eventually (and have even gone as far as to set up A.I. programs to predict when it will), investing in Bitcoins is still an option if you’re looking for volatile, short-term investment opportunities. We’ve put together a guide on how to buy your first Bitcoin, and how to get your systems set up. Or if you’re willing to invest a whole lot more, you can look into mining your own Bitcoin by setting up your very own mining rig.

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