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from Elon Musk’s Twitter spoofing To Suspicious discord chatCryptocurrency and non-fungible token (NFT) scammers have stolen billions of dollars from investors in the last few years. But now, politicians and law enforcement agencies are paying attention to Apple and Google, which run huge app stores, and how they review fraudulent crypto apps.
By letter Apple CEO Tim Cook When Google CEO Sundar Pichai On Thursday, Senator Sherod Brown (D-OH) asked companies to explain the process of reviewing and approving cryptocurrency transactions and wallet apps for download to the app store.Brown’s question is: Recently released FBI report 244 investors warn that they have been scammed from $ 42.7 million from a fraudulent crypto app that claims to be a reliable investment platform within a year.
“Encrypted mobile apps are open to the public through app stores, including Apple’s App Store,” Senator wrote to Cook Thursday. “Cryptocurrency apps have provided investors with an easy and convenient way to trade cryptocurrencies, but there have been reports of fake crypto apps that have tricked hundreds of investors.”
Apple and Google did not immediately respond to the request for comment.
Earlier this month, several federal law enforcement agencies, including the FBI and the Justice Department, Began to take action against fraudsters He was accused of stealing millions and sometimes billions of dollars from consumers.Even if the prices of Bitcoin and other cryptocurrencies fall, fraud is widespread Continues to grow..
In a letter, Brown asked the CEO to elaborate on the process of reviewing and monitoring crypto apps to prevent them from turning into “phishing” scams. He’s also looking for information that Apple and Google have provided consumers with fake investment apps.
“Companies that provide crypto investments and other related services need to take the necessary steps to prevent fraud, such as warning investors about the increase in fraud, but similarly, app stores are fraudulent. It is also essential to take appropriate safeguards to prevent mobile application activity, “the Senator wrote.
The inquiry was made hours before the Senate Banking Commission, chaired by Brown, was set up to hold a hearing with crypto experts on how Congress could mitigate crypto and securities market fraud. I did.
Apple and Google will have to respond to Senator’s request until August 10.
