Apple and Google Come Under Scrutiny For Scammy Crypto Apps

An anonymous reader shares a report: From Elon Musk Twitter impersonators to dubious Discord chats, cryptocurrency and non-fungible token (NFT) scammers have stolen billions of dollars from investors over the last few years. But now, politicians and law enforcement are turning their attention to Apple and Google -- companies that operate huge app stores -- and how they review fraudulent crypto apps.

In letters to Apple CEO Tim Cook and Google CEO Sundar Pichai on Thursday, Sen. Sherrod Brown (D-OH) asked that the companies explain their processes in reviewing and approving crypto trading and wallet apps for download on their app stores. Brown's inquiry follows a recently released FBI report warning that 244 investors have been scammed out of $42.7 million from fraudulent cryptocurrency apps claiming to be credible investment platforms in under a year. 'Crypto mobile apps are available to the public through app stores, including Apple's App Store,' the senator wrote to Cook on Thursday. 'While cryptocurrency apps have offered investors easy and convenient ways to trade cryptocurrency, reports have emerged of fake crypto apps that have scammed hundreds of investors.'

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