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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.
Updated May 11, 2023, 5:11 p.m. Published Jul 28, 2022, 2:17 p.m.
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
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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