Apple Unfazed by $1.8M Crypto Scam Lawsuit as Stock Remains Steady

Apple's stock remained stable as investors weighed the impact of a $1.8 million Bitcoin scam lawsuit against App Store security practices.

Three users claim to have lost more than $1.8 million in Bitcoin due to a fake Sparrow Wallet app on the App Store, with one plaintiff alleging losses of around $875,000 and another losing roughly $840,000.

The plaintiffs are seeking reimbursement, damages, and a jury trial, arguing that Apple failed to adequately review and monitor apps, marketing the App Store as a safe platform for consumers.

Apple rejected the allegations, stating that impersonation apps violate its App Store guidelines, with all apps reviewed before being made available. The company pointed to its broader enforcement efforts, rejecting over 371,000 app submissions in 2025 due to copying or misleading users.