Sunday, February 5, 2023

Fake Crypto Applications Active On Google Play Store

Since the past few weeks, the value of the crypto market is constantly falling down, which is an opportunity for investors, as they could buy more cryptos to earn profit from it, in the future.

Currently, social media has been trending with some hashtags like #BuyTheDip and #HODL, but if an individual plans to invest in crypto from these Twitter trends, then he/she is on the wrong path.

The Lookout Threat Lab security researchers have presented a report revealing that out of 170 cryptocurrency mining apps available on the Google Play Store, 25 are fake. The fraudsters behind these fake applications scam those people, who plan to earn money from mining crypto. 

According to the report, for quite a long time now, Google Play Store has been the den of fake applications for cryptocurrencies. The reason behind their existence is that they somehow manage to go through all the procedures of the Google Play Store. Also, during their procedure, the scammers keep in mind that they should not do anything which could trigger automated policy compliance checks on the platform.

Recently, Google came to know about these fake applications through several complaints registered by the people on the platform. However, it did not affect the applications very much, as they have been charging fees from the users for the computing powers, which the individuals were used for mining cryptos from their smartphones.

The fake application, in their description, claimed that the individual is allowed to mine Bitcoin and Ethereum using a specific application. For doing so, the app charged a fee between $12.99 to $259.99, which the user was allowed to pay through Google Play’s saved payment mechanism. The individuals are also allowed to pay through Bitcoin to developers directly.

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