iPhone application piracy is big business, so much so according to an article over on 247wallst, Apple and iPhone app developers have lost a staggering $450 million through pirated application since launch.

Furthermore the article also suggests that for every iPhone app legitimately purchased, at least 3 pirated downloads are performed, and numerous developers have questioned Apple’s stand on piracy and their apparent lack of protection.

Word has it that back in October 09, Michael Schade, CEO of Fishlabs claimed that their game called Rally Master Pro had some 95 percent piracy rate on its launch day, and to combat this Fishlabs reduced the RRP.

Other developers such as Neptune Interactive Inc and Smells Like Donkey Inc have claimed piracy rates of 90 percent for their game Tap-Fu and state that it was pirated just 40 minutes after release to the Apple iTunes App Store.