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US Sen. Brown Pressures Apple, Google on Fake Crypto Investing Apps
Senate Banking Committee Chairman Sherrod Brown sent letters to tech giants, questioning them on their efforts to prevent scams that are costing investors millions.
U.S. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is demanding answers from Apple Inc. (AAPL) and Google parent Alphabet Inc. (GOOGL) about what they’re doing to prevent fraudulent crypto apps that he said have robbed investors of more than $42 million.
- “Cyber criminals have stolen company logos, names and other identifying information of crypto firms and then created fake mobile apps to trick unsuspecting investors into believing they are conducting business with a legitimate crypto firm,” Brown wrote in the letters to the two companies’ chief executives. “Alarmingly, far too many investors have fallen victim.”
- Brown said it’s “imperative that app stores have the proper safeguards in place to prevent against fraudulent mobile application activity.” The letters questioned the firms about how apps are evaluated, including “the review process your company takes before approving crypto apps to operate in your app store.”
- The senator’s committee is holding a Thursday hearing examining scams in the cryptocurrency industry.
Read more: US Senators Push Bill to Make Small Crypto Transactions Tax-Free
STORY CONTINUES BELOW
Jesse Hamilton
Jesse Hamilton is CoinDesk's deputy managing editor on the Global Policy and Regulation team, based in Washington, D.C. Before joining CoinDesk in 2022, he worked for more than a decade covering Wall Street regulation at Bloomberg News and Businessweek, writing about the early whisperings among federal agencies trying to decide what to do about crypto. He’s won several national honors in his reporting career, including from his time as a war correspondent in Iraq and as a police reporter for newspapers. Jesse is a graduate of Western Washington University, where he studied journalism and history. He has no crypto holdings.
