Apple removes a trading app linked to cryptocurrency scams from the App Store

Apple removes a trading app linked to cryptocurrency scams from the App Store

A popular smartphone app used to conduct foreign exchange transactions known as MetaTrader (or MT4 or MT5, depending on the version), was quietly removed from the Apple App Store last Friday. As of this writing, the app remains available on the Google Play Store.

The app, made by a Cyprus-based company called MetaQuotes, has been used to perpetrate a new type of cryptocurrency fraud, known as pig slaughter, in which the fraudster builds a long-term relationship with his victim before persuading him to invest the money. time. One of the key elements of the scam is the use of fake cryptocurrency apps and websites, which claim to show the victim that they are making money from their investments, when in reality the scammer has taken everything.

Apple’s ban on MetaTrader comes after two weeks Forbes Profile of a California-based scam victim, who lost more than $1 million last year. This victim, known as Cy, made all his alleged trades on the MetaTrader app, which showed him fake returns. At the time, Apple spokesperson Adam Dima said the company was investigating MetaTrade and was looking at additional measures to protect App Store users if necessary.

MetaQuotes did not respond to Forbes Comment request. Daniel Delnero, an Atlanta-based attorney with Squire Patton Boggs, has reported Forbes Late Sunday evening that his company now represents MetaQuotes, did not respond to it Forbes Comment requested before press time. The company has previously never responded to multiple emails sent to the company’s email addresses. There are no phone numbers listed in Contacts page For any of the company’s multiple offices around the world.

Neither Apple nor Google responded to requests for comment.

Existing installations of MetaTrader on iOS devices continue to work. However, there are some reports on Twitter of users claiming to sell iPhones with the app pre-installed for $15,000 in one case, or an ‘starting price of £5,000,’ or10 thousand dollars from OBOabbreviation for ‘or best offer’.

as such Forbes As mentioned earlier, MetaTrader, which offers licenses for its software, enables legitimate trading by actual brokerage firms. It is a neutral trading platform, used by mainstream forex traders like Oanda. But to me The Global Anti-Fraud Organization (GASO), an advocacy group for fraud victims, MetaTrader also allows licensees to use a specific plug-in, known as a virtual proxy, which can be used by fraudsters to “manipulate market prices and simulate account balances, profits or losses. It all seems And it feels real, but it’s all a fabrication,” according to A Report from GASO.

MetaTrader has not provided any explanation for how unscrupulous players use the software to spot fake trades, nor what actions, if any, they have taken to mitigate this behaviour.

In July, the Chairman of the Senate Banking Committee, Senator Sherrod Brown, wrote letters To Tim Cook, Apple CEO and Google CEO Sundar Pichai on how companies are evaluating and eventually allowing fake crypto apps to proliferate in their app stores.

App removal news was first reported by FX News Group And the finance poles on Saturday.

In a WhatsApp text message sent late on Sunday evening, Cy, the victim who still hasn’t been able to recoup any of his losses, said he was happy to remove Apple’s trading app. said earlier Forbes A big part of the reason why it’s a download is that it has positive reviews and can be found in the Apple App Store.

“The time has come,” he wrote. “How many more victims have fallen before our voices can be heard! [It’s] The right thing to do. But [it] Don’t make me feel any good because the damage has been done.”

Jan Santiago, GASO’s deputy director, said the organization was “happy” that the app had been removed.

“If MetaTrader doesn’t do anything about serious issues raised by users who trust them, the responsibility lies with platforms like Apple and the Google Play Store that list MetaTrader,” he wrote in an email.

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