Image Source: Shutterstock.com

Apple and Google are once again in the midst of it, caught in the latest controversy over cryptocurrency scams. While the companies are said to bear no direct responsibilities for nefarious partying using their solutions to conduct unlawful business, Sen. Sherrod Brown begs to differ.

Senator Addresses Tech Giants for Explanation on Scammy Apps

The senator has sent a letter to Google CEO Sundar Pichai and Apple CEO Tim Cook in which he wants the companies to explain the process they use to review, approve and list cryptocurrency trading and wallet apps on their dedicated online stores.

The senator’s letter follows a recent investigation by the FBI which established that at least 244 investors in the United States have been duped out of their cryptocurrency holdings by downloading dodgy apps that stole their funds. Investors lost $42 million in these cryptocurrency-related scams facilitated by fraudulent apps that were listed on credible online platforms. The senator wrote:

Crypto mobile apps are available to the public through app stores, including Apple’s App Store.
Senator Sherrod Brown

The senator sought to understand the processes not necessarily criticize either company or the institution of cryptocurrencies. Brown admitted that cryptocurrencies have proven to be convenient and easy methods of moving capital, but the problem of fake apps has remained pressing.

No company has issued an official statement as of right now, giving the illusion that Brown’s appeal has fallen on deaf ears. The senator urged the companies to ensure they have the proper safeguards to make such frauds more difficult or impossible to take place.

Brown argued that cybercriminals have been very resourceful in the way they committed thefts. They had stolen company logos and names, modifying the apps and information to foul customers. But the real question remained how they could fool Apple and Google, Brown asked.

A rubberstamp approval from Google and Apple was effectively tantamount to deeming any app safe. The two technological giants will have until August 10 to offer their response to the senator.

Suggest a Correction

Fiona Simmons

Journalist

Although Fiona doesn't have a long-spanning background within the gambling industry, she is an incredibly skilled journalist who has built a strong interest in the constantly growing iGaming network. The team at GamblingNews.com is glad to have her on our roster to help deliver the best stories as soon as they hit. Aside from writing, she loves to dabble in online casino games such as slots and roulette, both for her own enjoyment and also as research to better improve her understanding of the industry.

Blockchain July 29, 2022

VICI Properties Published Second Quarter 2022 Earnings Report

Apple and Google Asked How They Review Bogus Crypto Apps

Blockchain July 29, 2022

ITIA Hands 12-Year Ban to Tennis Legend Max Wenders

1 Comment

Katherine
July 31, 2022 at 7:36 pm

Reply

I was scammed by Dakken Group.
They posted an ad on Facebook about 6 months ago about investments opportunities and I was very new to the digital currency world then so I didn’t know much about things to look out for. I went to their website and they told me I should invest in their 3 months ROI, at first I deposited 18,000 Euros and later I added 78,000 Euros in total over a month period as they told me the more money I invest the more my chance of getting higher returns. Now I have 96,000 Euros invested in total which was supposed to fetch me 220,000 Euros over 3 months, and they sent several emails every showing how my investment was going well and all.
After the so called 3 months I asked for some withdrawal and they told me to pay a fee of 10% on the amount I want to withdraw and I obliged, I waited for more than 2 weeks and nothing. They eventually blocked my account and never pick my calls or reply my emails. They claimed my account was locked because of financial regulations, meanwhile I reported the case on assetsrepo.com and they followed the blockchain, it was then they told me I have been scammed and they showed me how they took all the money and where everything went. They worked on the case for about a week before they could get anything in return, they eventually got about 85,000 Euros back. I guess I just have to bear with the rest. But I want everyone to be careful from them and don’t trust anything they tell you.
The sad part about the whole situation is the fact that I reported to facebook and they did nothing about it, those platforms are just filled with too many scams and they are not going anything to help the people using them, they only care about their money and nothing else.