A senator calls out Google and Apple CEOs for steamy crypto scam

For all of Web3’s success in celebrating diversity and raising funds for unquestionably noble causes, the Web3 space still has its fair share of bugbears – scammers. Theft, mugging, and the like remain a distinct risk for anyone taking their first steps into Web3.

However, these bad actors don’t just target members of the crypto and NFT community with wash trades on their home turf. Some have sought to gain access to users’ crypto wallets in a seemingly innocuous way: through mobile apps. The extent to which scammers have moved away from their hard-earned crypto and NFTs to coerce users into partnering is noteworthy, as a new flavor of the age-old phishing scam is preying on newcomers and veterans alike to the NFT and crypto space.

What is worrying is the apparent lack of active concern by companies running app marketplaces, where you buy critical apps like crypto wallets. The issue has gotten so out of hand that US Senator Sherred Brown has sent letters to both the CEOs of Google and Apple, calling for better regulatory practices to help keep users safe from these malicious apps. These two mega-companies serve billions of consumers combined through their app stores, and Senator Brown believes direct action on their end should be a top priority.

In his letter, Brown asked a few questions to gauge their commitment to removing these apps from the marketplace. In those questions, Brown asked the two tech giants to detail their measures on how they vet crypto apps that explicitly request placement on their marketplaces, as well as the steps the two companies take to ensure apps appearing on their marketplaces don’t. “[circumvent] App Store policies translate into phishing apps,” Brown said.

Brown is giving the two tech giant CEOs until August 10 to respond, highlighting that the issue hurts the wider tech-enabled world and not just those who have gone Web3. This news follows similar moves by the IRS and SEC to push for greater regulatory measures in the NFT and crypto spaces. And, with the SEC’s recently opened investigation into Coinbase welcoming 100 new and tradable tokens for its user base, we may be headed that way.

https://ift.tt/gOGZrbQ

Baca juga

• Upcoming Drops: October 24-30
• Abbott and Costello have immortalized their legacy as NFTs
• Telegram gears up to launch its on-board Web3 marketplace