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The pseudonymous founder of DeFi analytics platform DefiLlama said Apple left a fraudulent app impersonating the service on the App Store for months, removing it only after the team demonstrated that the software could drain cryptocurrency from a funded wallet. The delay pushed back the launch of DefiLlama's official mobile application.

0xngmi, the founder, detailed the episode in a series of posts on X on Aug. 15. The team had reported the impersonating app to Apple repeatedly over trademark and impersonation concerns without success. "We had been trying to take down a fake DefiLlama app on apple's store for months, telling Apple trademark violations, impersonation," he wrote. "Then we loaded a small wallet, downloaded the app, got drained as expected and reported it to Apple. App was taken down in days after that."

The amount drained from the test wallet was not disclosed. The founder said the team deliberately allowed the drain to proceed in order to build a stronger case for the app's removal, shifting the incident from a routine complaint to a demonstration of direct financial harm.

DefiLlama is one of the most widely referenced data platforms in the decentralized finance sector, aggregating total value locked across blockchains and protocols. Its web interface is used by traders, developers, and researchers to monitor liquidity and protocol activity. A mobile version had been anticipated by users seeking the same tools on smartphones.

Fake apps targeting crypto brands have been a recurring problem on major app stores. Fraudulent developers clone the branding and interface of popular platforms, hoping to intercept user credentials, wallet seed phrases, or private keys. Because many crypto users trust official app store listings, these fakes can cause real financial harm before they are detected. In November 2023, a fake Ledger Live app on the Microsoft Store resulted in the theft of $588,000 across 38 transactions. Similar impersonation cases involving Rabby wallet and Curve Finance appeared on the App Store in 2024.

The official DefiLlama iPhone app is now live, with Apple listing DEFILLAMA LIMITED as its provider. Apple's App Store guidelines prohibit app impersonation and unauthorized use of another developer's brand or product name.

Apple was sued in July 2026 over an alleged App Store crypto scam that reportedly cost users money, underscoring the stakes for platforms that host financial applications. The DefiLlama episode has raised questions within the crypto community how app store operators handle brand impersonation reports, particularly for decentralized finance projects that lack traditional corporate backing or trademark enforcement teams.

In a separate development in the XRP ecosystem, crypto commentator X Finance Bull said he has become more bullish on XRP price dips following an announcement from Evernorth Holdings, a company managing a large XRP treasury that is pursuing a Nasdaq listing through a merger with special purpose acquisition company Armada Acquisition Corp. II.

Evernorth has amended its subscription agreements for the private placement of common shares connected to the proposed business combination. Under the original arrangement, the transaction valued XRP at a fixed price of $2.36 set at the time of signing. The updated structure will instead use XRP's market value at closing to determine the final deal terms.

The change means that if XRP's value rises by the time the transaction closes, fewer shares would be issued, giving each a larger claim on Evernorth's XRP reserves. X Finance Bull argued this structure gives investors greater XRP exposure per if market conditions are favorable at closing.

Evernorth stated that its overall strategy and the amount of XRP in its treasury remain unchanged. The company reiterated its goal of growing the XRP ecosystem and maximizing the value of each through active treasury management.

Institutional support for the revised terms remains strong. Evernorth confirmed that investors representing more than 95% of committed capital agreed to the amended structure. Key backers include Arrington Capital, SBI Group, Ripple, Pantera Capital, Kraken, and GSR.

The table below summarizes the key changes to Evernorth's transaction terms.

Note: Evernorth said its treasury holdings and overall strategy remain unchanged under the amended structure.

X Finance Bull's bullish outlook rests on Evernorth's stated focus on maximizing XRP per . He believes that if Evernorth completes its Nasdaq listing and attracts new public-market capital, it could expand its XRP treasury and increase the amount of XRP represented by each over time. For now, Evernorth continues working toward its public-market debut, with the amended terms ensuring the final count will reflect XRP's market price on the day the transaction is finalized.

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