The 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 the tech giants, Apple and Google.
Sen. Sherrod Brown (D-OH) has written letters to both CEOs Tim Cook and Sundar Pichai asked that the companies explain their processes in reviewing and approving crypto trading and wallet apps for download on their app stores.
According to an FBI report, 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. 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.” said the letter to Cook.
However, Apple and Google did not immediately respond.
“While firms that offer crypto investment and other related services should take the necessary steps to prevent fraudulent activity, including warning investors about the uptick in scams, it is likewise imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity,” added the senator.
Moreover, the two MNCs have time till August 10 to respond to the senator’s requests.
