The program mimics common mobile apps by tricking users into revealing login credentials. The attacker-creator of the program, experts said, “adds his own number to a trusted two-factor authentication number to manage account permissions.”
As a result, user accounts can be accessed in an unauthorized manner. Attackers are able to bypass Apple’s two-factor authentication (2FA) system in this way. And after the attack, access your wallet information in iCloud.
That’s especially dangerous for cryptocurrency users because they often keep backups of their wallets in iCloud, analysts said. In the event of an attack, victims stand a good chance of losing assets.
Apple allows cryptocurrencies and NFT in its apps. The company recently allowed developer of the popular NFT game Axie Infinity Sky Mavis to list it on the App Store for Latin America and Southeast Asia.
However, in June, Apple threatened the creators of the decentralized social network’s mobile app Damus with expulsion from the app store if they didn’t remove the bitcoin tip feature.