Cryptocurrency Fraud of $1.4 Million Using Apple Sideloading

Cryptocurrency Fraud of $1.4 Million Using Apple Sideloading
  • Scammers began to discuss cryptocurrency investments.
  • Fraudsters gain the trust of their victims.

Like with any financial instrument, there are possibilities for rogue actors to scam investors. In recent years, major conference panels and agency advisories have addressed cryptocurrency fraud in all its manifestations. The hype vs. reality, the many ways this could enable fraud, and attempts to curb its misuse. Moreover, one of the recent crypto frauds very popular is fake apple enterprise provisioning, where thieves made a $1.4 million cryptocurrency theft.

Through social media or current data apps. Fraudsters gain the trust of their victims, convincing them to download a customized cryptocurrency exchange. Furthermore, they convince them to invest and then swindle them.

After gaining the trust of their victims via dating apps. Scammers began to discuss cryptocurrency investments with them. Moreover, a bogus Apple App Store website leads users to obtain a Mobile Device Management profile. Which gives them access to certain functions and enables them to execute signed apps produced by the fraudsters. Furthermore, once they have the profile, they may launch the signed applications.

Proceeds of Investment Withheld

When the unsuspecting user expresses regret on the fake Software Store website, they are routed to either Apple Enterprise provisioning or Super Signature distribution to get a program signed with the profile’s certificate. The software is a parody of the Bitfinex bitcoin trading app, which is available for download.

It is challenging to recommend Apple Enterprise provisioning, which allows companies to authorize bespoke apps for internal use as it is a weak point.

To demonstrate the idea, the victim, convinced to invest in a cryptocurrency. With the proceeds of the investment withheld. The victim is told that a larger investment cannot be recovered and that either additional money must be invested or a tax must be paid.

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A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.