Scam Bitcoin Wallet App in Apple Store Fleeces $120k in Stacks

In a concerning development, a fraudulent cryptocurrency wallet app has been discovered on Apple’s App Store, absconding with over $120,000 worth of STX tokens. George Burke, a prominent figure in the crypto community, sounded the alarm after revealing that the scam app had stealthily siphoned off 38,000 STX tokens. Despite its seemingly impeccable 4.9-star rating, suspicions were raised due to the app’s recent reviews, all posted on the same day and appearing to originate from fake accounts.

Watch out. This scam wallet INSIDE Apple App Store stole 38,000 STX after importing. @muneeb please warn @Stacks community. https://t.co/gX0IC2ofiO

— George Burke (@geoburke) March 11, 2024

The app, named “Leather Wallet & Hiro Bitcoin,” purported to be a secure digital asset management tool but turned out to be a sophisticated scam. Despite efforts to recover the stolen funds, Apple has yet to state the matter. This incident not only highlights the vulnerability of users to financial scams on app platforms but also raises questions about Apple’s App Store quality control, particularly as regulatory scrutiny intensifies with the impending EU Digital Markets Act. Investors are urged to exercise caution and conduct thorough due diligence to avoid falling victim to similar fraudulent schemes in the future.

The news of a scam involving an STX-related app on Apple’s App Store could negatively affect the STX price in the short term. The revelation of fraudulent activity erodes investor confidence in the Stacks ecosystem and raises concerns about cryptocurrency security. This may prompt some investors to sell off their STX holdings out of fear, leading to a temporary decrease in demand and a subsequent price drop.

Furthermore, the tarnishing of the Stacks ecosystem’s reputation could deter new investors from entering the market, prolonging the negative impact on STX price. However, the long-term effects may depend on how effectively the Stacks community addresses the issue and any preventive measures implemented by Apple to mitigate similar scams. If trust is restored through swift action and improved security measures, the negative impact on STX price may be mitigated, and the market could potentially recover.

Key Levels to Watch on STX

Currently, the price of Stacks (STX) remains constrained below the supply threshold of $3.40 and the demand threshold of $2.40. Following a test of the supply level, the momentum of the upward trend has shown signs of weakening, leading to a transition into a ranging market phase, which correlates with the decline in the Average Directional Index (ADX). Additionally, the Bollinger Bands (BB) are exhibiting a tightening pattern on the daily candlestick chart, signaling a period of consolidation in the market.

STKUSD Critical Levels

Demand Levels: $2.40, $1.20, $0.58
Supply Levels: $3.40, $4.00, $5.00

Stacks METRICS

Total Market Cap: $2.71T
Stacks Market Cap: $4.2B
STX Volume (24h): $233.6M
Rank: 33

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