Bitcoin and cryptocurrency prices during the previous several weeks have been steadily declining, and many people are attempting to take advantage of the current scenario by investing money in the hopes that the value would rise soon. #BuyTheDip and #HODL have been trending on Twitter for a while, but if you’re seeking investment advice from these hashtags, you’re on the wrong course.
According to security researchers at the Lookout Threat Lab, there are around 170 Android applications, 25 of which are fraudulent, accessible on the Google Play Store, which is defrauding individuals who want to make money from crypto mining. The Google Play Store has long been a haven for phoney apps, with numerous instances of these illicit programs being reported in the past. The main reason these applications exist is that they manage to elude every detection and inspection, and they don’t perform anything that would trigger automatic rule security audits.
Google has taken action against these phoney cryptocurrency applications after receiving many complaints, although this still is a small number because these false cryptocurrency apps were charging users a charge in exchange for requesting computational power from your smartphone in order to mine cryptocurrencies.
These applications promised to be mining Bitcoin and Ethereum, among other cryptocurrencies. They price anything from $12.99 to $259.99, and you may pay using Google Play’s stored payment methods or cryptocurrencies like Bitcoin, which you can send directly to the developer’s crypto wallet.
People who joined up for such crypto-mining applications noticed a large number of false transactions and all these fraudulent applications. These scamming applications implemented a policy requiring users to have a minimum number of mined coins before withdrawing their profits to their accounts. Users submitting reviews on sites like the Play Store for some of these shady applications also indicate that users were not able to withdraw even if they exceeded the set minimum level, according to the security experts.
Users were enticed to spend extra taxes for monthly subscriptions by claims of lower threshold balance requirement and higher incentives. According to the Lookout Threat Lab, these phoney applications have defrauded over 93,000 consumers and stolen at least $350,000 in membership payments and in-app purchases. “While CloudScam and BitScam apps have now been removed from Google Play, there are dozens more still being circulated in third-party app stores. In total, the operators generated at least $350,000. They stole $300,000 from selling the fake apps and an additional $50,000 in cryptocurrencies from victims paying for fake upgrades and services,” researchers stated.
Users who are interested in signing up for crypto mining software should conduct research on the developer, according to the company. Before buying, it’s also a good idea to get to know the developer, read other people’s evaluations, and read the terms and conditions. They claim that “Most of the scam apps either have fake information or don’t have any terms available,”