When it comes to the vetting of apps, the Apple App Store is famous for its rigorous process. It has maintained its reputation by allowing only authentic apps to be listing. But it seems that Apple has failed this time, and in the very vulnerable financial category.

A fake MyEtherWallet app has made it to the App Store, and this weekend Apple ranked it as the third most popular app in its category. This high ranking is a result of the Bitcoin frenzy in the US market.

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MyEtherWallet.com is one of the leading cryptocurrency apps in the market today, and any scam related to this app could have huge consequences.

After the issue surfaced, MyEtherWallet.com issued a public statement via its Twitter handle warning people not to use the app. It also assured the public that it had contacted Apple and was investigating how the fake app made it into the App Store.

This is NOT US. We have file reports and emailed and reported. Would appreciate the communities assistance in getting these scamtards out of our lives. PS: We are #Foss4Lyfe https://t.co/SmI8cqNvxA Suggested articles Swissquote Joins oneZero EcoSystem to Bolster Liquidity OfferingGo to article >> — MyEtherWallet.com (@myetherwallet) December 10, 2017

This one-week-old app is not free – the developer charges $4.99 for each download. At this point, it is not clear if the developer is only trying to make some bucks by selling the open source app or actually planning to steal cryptocurrency from its user accounts. Anyway, neither of these actions is legal.

This developer, listed as Nam Le, has three other apps in the App Store – the other two are panda fighting games. But these has nothing to do with crypto or financial services.

Wallets are almost mandatory for anyone investing in the crypto economy. Lately, many new wallets have emerged in the market and tons of third-party unverified wallets are available. Hackers are not only trying to lure in potential victims but also attacking authentic wallets.

So people should be cautious when using digital wallets, and for any large hoard of cryptocurrency, a hardware wallet is always recommended.