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A U.S. senator has written to the CEOs of Apple and Google demanding they crack down on bogus crypto apps.<\/strong><\/p>\n Senate banking committee chair Sen. Sherrod Brown has asked the tech giants to explain their procedures for vetting and approving crypto trading and wallet<\/a> applications for download on the Google and Apple app stores.<\/p>\n The senator wrote to Google\u2019s Sundar\u00a0Pichai<\/a>\u00a0and Apple\u2019s Tim\u00a0Cook<\/a>\u00a0in separate letters. \u201cMillions of Americans use mobile apps to invest in unregulated digital assets, including cryptocurrencies,\u201d Brown said.<\/p>\n \u201cWhile crypto apps have offered investors easy and convenient ways to\u00a0trade cryptocurrency<\/a>, reports have emerged of fake crypto apps that have scammed hundreds of investors,\u201d he added.<\/p>\n Brown also referenced the recent\u00a0report<\/a>\u00a0by the Federal Bureau of Investigation (FBI) regarding the growth of bogus bitcoin mobile apps designed by cyber criminals to deceive investors.\u00a0<\/p>\n \u201cAccording to the FBI, in one case, cyber criminals defrauded at least two dozen investors by creating a mobile app that used the name and logo of a real trading platform,\u201d he said.<\/p>\n The agency identified 244 crypto victims and estimated the loss associated with these crimes to be around $42.7 million.<\/p>\n In response, Brown has asked for details of the review process of the companies, the steps taken to ensure that the operators do not circumvent policies, and information about the companies\u2019 respective reporting procedures for fraudulent applications.\u00a0<\/p>\n Both Google and Apple have been asked to detail steps that they take to ensure customer protection and fraud awareness, along with actions they have taken against these activities since the start of 2020.<\/p>\n The companies have until Aug 10 to respond.<\/p>\n The watchdogs have started enforcing strict actions against scammers since the market downturn.\u00a0<\/p>\n In the Central District of California, the CEO of Titanium Blockchain Infrastructure Services (TBIS) pleaded guilty to his part in a\u00a0crypto fraud scheme<\/a>\u00a0involving TBIS\u2019s initial coin offering<\/a> (ICO<\/a>).<\/p>\n The Commodity Futures<\/a> Trading Commission (CFTC) has also filed a\u00a0complaint<\/a>\u00a0against a South Africa-based business called Mirror<\/a> Trading International (MTI), for fraud and registration violation.<\/p>\n And Randell Carter, the creator of My Big Coin cryptocurrency firm, was found\u00a0guilty<\/a>\u00a0in Boston last week of wire fraud and unauthorized transactions following a commodity fraud complaint initially filed by CFTC.<\/p>\n All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.<\/p>\n<\/p><\/div>\nSenator wants answers from CEOs<\/h2>\n
Watchdogs clamp down on scammers<\/h2>\n
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