Fake Crypto Apps Continue to Target Major Brands on Apple App Store

A fake application impersonating DeFiLlama remained available on Apple's App Store despite repeated reports from the platform's team, according to DeFiLlama founder 0xngmi. The incident has raised concerns about the ability of app marketplaces to detect fraudulent cryptocurrency applications before they can reach users.

The DeFiLlama team spent months reporting an application that allegedly used the DeFiLlama name and branding without authorization. Apple did not remove the application during this period, according to 0xngmi.

The situation changed only after the DeFiLlama team conducted its own controlled test. They deposited a small amount of cryptocurrency into a test wallet, installed the suspected application, and followed its instructions. When the application requested the wallet's seed phrase, they entered it into the app.

The funds were subsequently stolen, demonstrating that the application was not simply an unauthorized copy of the DeFiLlama brand but could potentially be used to steal users' cryptocurrency.