MetaTrader enables scammers to show victims fake earnings, a key element of a pig butchering scam.
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A popular smartphone app used to conduct foreign exchange transactions known as MetaTrader (or MT4 or MT5, depending on the version), was quietly removed from Apple’s App Store last Friday. As of this writing, the app remains available on the Google Play store.
The app, which is made by a Cypriot-based company called MetaQuotes, has been used to perpetrate a new type of cryptocurrency scam, known as pig butchering, where a scammer builds a longer term relationship with their victim before convincing them to invest money over time. A key element of the scam is the use of bogus cryptocurrency apps and websites, which purport to show the victim that they’re making money off their investment, when in fact the scammer has taken everything.
Apple’s ban of MetaTrader comes two weeks after Forbes profiled one California-based scam victim, who lost over $1 million last year. This victim, known as Cy, made all of his purported trades on the MetaTrader app, which showed him fictitious returns. At the time, Apple spokesperson Adam Dema said the company was investigating MetaTrade and was looking into additional action to protect App Store users if necessary.
MetaQuotes did not respond to Forbes’ request for comment. Daniel Delnero, an Atlanta-based attorney with Squire Patton Boggs, who informed Forbes late Sunday evening that his firm is now…
