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IT-Tech

YouTube stars accuse App Store cryptocurrency wallet of $8,500 theft

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Right here’s one other cautionary story for blockchain buyers. Hackers have purportedly stolen 1,500 EOS ($eight,500) from in style YouTubers, the Hodgetwins, after they downloaded a dodgy cryptocurrency pockets from the App Retailer.

The Hodgetwins insist the hackers made off with their cryptocurrency quickly after the YouTubers transferred their EOS tokens to a presumably malicious cryptocurrency wallet called EOSIO Wallet Explorer. The pair say they downloaded the wallet from Apple’s App Store.

The twins, who boast more than 4 million subscribers on YouTube, have since posted a video to sum up the situation.

“I have been [EOS Wallet Explorer] on my iPhone to carry my EOS. I seen these three transactions […] totaling 1,500 EOS tokens,” wrote the Hodgetwins. “I wish to be clear I didn’t authorize these transactions, unsure how this might have occurred. I filed a declare with ECAF claims […] however haven’t acquired a response but.”

Beneath are the three transactions that the Hodgetwins declare to be illegitimate.

A cryptocurrency pockets constructed by hackers?

The Hodgetwins defined they solely determined to maneuver their EOS after the cryptocurrency group satisfied them that storing digital belongings on an change is just not protected.

Sadly, the pockets they selected was not as safe as they’d hoped. The Hodgetwins declare that hackers illegitimately eliminated EOS from their EOSIO Pockets Explorer account early final month.

Their 1,500 EOS had spent only one week within the pockets earlier than thieves eliminated all of it in secret.

It’s additionally price noting that this isn’t the primary time the EOS group has accused EOSIO Pockets Explorer of misappropriating funds.

In truth, over the previous month, customers have submitted 4 separate complaints that learn eerily much like what the Hodgetwins have recounted. For context, the app was launched in July.

Laborious Fork has reached out to Apple to clarify the screening process for cryptocurrency-related apps.

If it does turn out that EOSIO Wallet Explorer isn’t legitimate – then this is yet another case of blatant negligence resulting in significant financial losses for regular investors.

Quickly, alert the EOS police!

The Hodgetwins filed a complaint with the official arbitration arm of the EOS blockchain, ECAF. They are yet to receive a response.

It’s certainly a worthwhile move, considering EOS block producers have set precedent to allow outside intervention in occasions like this.

Earlier this 12 months, EOS block producers made government choices to place seven EOS accounts on maintain so as retrieve stolen cryptocurrency – a extremely controversial transfer that has been criticized closely.

Whereas $eight,500 would possibly pale compared to different world-stopping cryptocurrency heists, it’s painfully apparent that this specific state of affairs might have been averted.

It’s not simply Apple that struggles with defending customers – Google has additionally failed at figuring out downside apps. The Large G even removed some of the most actively used cryptocurrency wallets from its Play Retailer with out clarification. Google would solely re-approve the apps after builders made undisclosed changes.

If there’s something to be taught from what occurred to the Hodgetwins, it’s that cryptocurrency and blockchain apps hosted by Google or Apple can nonetheless be full bullshit. Having both firm listing an app is just not the identical as a safety audit.

Customers mustn’t robotically belief the apps listed on both service, because it in the end acts as low cost advertising and carries no proof of security.

Printed October 2, 2018 — 15:27 UTC



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