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US Senate asks Apple and Google for information on fake crypto apps

Global tech companies Apple and Google have been sought in the US about their methods of dealing with counterfeit crypto apps. Authorities in the US are scrutinizing this segment vigorously due to the increasing number of scams involving the crypto segment. According to an estimate, these scams have caused losses of over a billion dollars to crypto investors in the US from the beginning of last year to March this year.

Senate Banking Committee chief Sherrod Brown has sent a letter to these companies asking them to explain crypto-related apps available on their App Store and Playstore as well as ways to deal with counterfeit apps. The Federal Bureau of Investigation (FBI) recently warned that fake crypto apps are causing huge losses to investors. In the letter, Brown Told “Cyber ​​criminals have created fake mobile apps by stealing the logos, names and other identity related information of firms. Therefore, it is necessary for app stores to take security measures.”

These companies were asked in the letter, “Whether your App Store has taken action to remove counterfeit crypto apps? If so, please provide information.” A reply from Apple and Google is awaited on this. Recently a Hollywood producer Ryan Felton’s crypto scam There was a case to do. Felton defrauded crypto investors to meet his rising expenses. Felton, who has been involved in some big film projects, is reported to have received about 2.5 million dollars from the scam. The scam was done through two initial coin offerings (ICOs). One was for a streaming platform called ‘FLiK’ and the other for crypto exchange CoinSpark.

The promotion for the streaming platform FLiK claimed that it would surpass Netflix. In CoinSpark’s ICO, investors were told that 25 percent of the exchange’s profits would be given as dividends. Investors took interest in both these ICOs but only Felton got the returns from them. Felton was charged with money laundering and fraud.

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