The exploit that let at least one hacker circumvent in-app purchases on iOS is being investigated by Apple. In a statement to CNET, Apple spokesperson Natalie Harrison said "security of the App Store is incredibly important" to the Cupertino company, and fraudulent activity will not be tolerated.

The blog that first broke news of the exploit has apparently been contacted by Apple with a take-down notice, which isn't much of a surprise considering more than 30,000 in-app purchases have been made using the dastardly method.

While the exploit highlights a security vulnerability in Apple's online App Store, it's ultimately a hit to developers, who currently reap 70 percent of the revenue from purchases made inside their apps, CNET said. All that to save a bucks or two.

[via CNET]