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New research from the U.K.’s Imperial College and France’s Emlyon Business School mapped out how Silicon Valley founders commit fraud — and the role investors play.

Apple is facing a new lawsuit accusing the company of allowing a fraudulent Bitcoin wallet app to remain on its App Store for more than a week after users reported significant losses.

According to the complaint, three individuals collectively lost approximately $1.84 million after downloading an app that impersonated the legitimate Sparrow Wallet. The victims entered their Bitcoin seed phrases into the fake application, enabling scammers to drain their funds. One plaintiff reported losing $875,000, while another lost $840,000; the delay in removing the app after the first report allegedly contributed to further losses.

The lawsuit claims Apple’s marketing and App Store presentation led users to believe applications available on the platform undergo careful vetting and are safe. Plaintiffs allege the company ranked the fraudulent app and even included it in curated cryptocurrency app collections alongside genuine Bitcoin wallets. The legal action accuses Apple of violating consumer-protection laws, engaging in fraudulent and negligent misrepresentation, and failing to adequately warn consumers about risks.

This is not the first time Apple has faced similar claims. In 2021, cryptocurrency holders sued the company over a fake wallet app scam; that case was ultimately dismissed by a federal judge.

Apple has stated that it has removed apps impersonating Sparrow Wallet from the App Store and terminated the associated developer accounts.

MacDailyNews Note: The plaintiffs are seeking reimbursement of the stolen assets along with compensatory and punitive damages.

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The post Apple faces lawsuit over fake Bitcoin wallet left on App Store after massive losses appeared first on MacDailyNews.

The COVID-19 pandemic and “safe and effective” vaccines are lies propagated by governments and “experts”. Many widely accepted scientific beliefs are false narratives based on Satan’s lies. Spiritual deception underlies many societal misconceptions. We must return to the foundation of biblical truths from creation to what is real science.