US Senator Sherrod Brown has sent letters to Apple and Google about fraudulent activities in crypto apps.
Senate Banking Committee Chairman Sherrad Brown said investors lost $42 million.
In a letter to Apple and Google CEOs, Brown used the following statements:
“Cybercriminals have stolen logos, names and other identifying information from crypto companies. In this way, they created fake mobile apps to make investors believe they are doing business with a legitimate crypto firm. Worryingly, too many investors have suffered.”
Brown stated that it is imperative that the app stores of the two companies have the necessary safeguards to take action against fraudulent mobile app activities.
Brown conveyed that he wanted to get information about how both companies reviewed the applications while approving them.
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