Crypto Mining Apps

Crypto Mining Apps – Home » News » Tech » Beware of cryptocurrency scam apps on Google Play Store on your Android phone.

A fake crypto app available on Google Play and third-party app stores is believed to have scammed more than 93,000 people and stolen at least $350,000.

Crypto Mining Apps

Bitcoin and cryptocurrency prices have been steadily falling for weeks, but there is an eternal sentiment surrounding cryptocurrency. A lot of people are speculating if this is an investment vehicle right now and hoping that the price will go up soon. #BuyTheDip and #HODL are some of the things that always trend when you get investment advice on Twitter. But before you start shelling out cash in exchange for cryptocurrencies and hopes, you should take a long, hard look at the apps you’re using. Especially if you’re using an Android phone, security researchers at Lookout Threat Labs have identified 170 Android apps, 25 of which have found a home in the official Play Store trying to monetize crypto mining.

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The reason these apps avoid any and all detections and checks for apps listed in the Play Store is that they don’t do anything that triggers an automatic policy monitoring check. In fact, these apps did nothing. Google has since removed the listed apps from the Play Store, but this may be just the tip of the iceberg. Such fake cryptocurrency apps charge users for asking for computing power from their smartphone, allowing them to mine cryptocurrencies. Coins they produce include Bitcoin and Ethereum These apps charge between $12.99 and $259.99 and require payment directly to the developer’s crypto wallet via Google Play’s secure payment mechanism or Bitcoin, including cryptocurrencies. But nothing happened after that

Those who signed up for the crypto mining app saw that they were trading completely, they were all fake. These scam apps also had a minimum coin balance policy before users could withdraw earnings to their account. Security researchers’ Play Store user reviews for some of these hacked apps show that users are not allowed to opt out even if they meet a pre-set minimum threshold. Even higher-end subscription plans ask users to lower this minimum balance requirement and shell out more with the promise of better rewards. The Lookout Threat Lab believes the app, available on the Google Play Store and indeed third-party app stores, tricked more than 93,000 people into at least $350,000 by tricking users into paying for subscriptions and purchasing app updates.

“Although Cloud Scam and BitScam have been removed from the Google Play Store, their numbers are still circulating in third-party app stores. In total, the operators generated at least $350,000. Investigators say they stole $300,000 from selling fake apps and $50,000 from victims who paid for fake updates and services. They say anyone who wants to sign up for a crypto mining app should check with the developer, read other users’ reviews, and read the terms and conditions before paying. “Most fraudulent applications contain false information or no available terms,” they say. The researchers also noted that if an app asks for permission on the phone, it really shouldn’t, which is a red flag. You should also consider if the app has a habit of frequently reinstalling or crashes and it causes you to reset your crypto balance.

Vishal Mathur – Associate Technology Editor He has been writing about private technology for over 12 years and is often seen in the news… Read More Google has just removed 8 apps promoted as malicious and hacker-driven cryptocurrency mining apps. You want to uninstall this app; If you have one of these installed:

Over 170 Fake Android Apps Defrauded More Than 93,000 Users Through Crypto Mining Scams

As cryptocurrency has gained a lot of popularity worldwide, fraudsters have decided to do what they do best; Takes advantage of popular digital cash systems to launder money online

Trend Micro, a security firm, has revealed how fake cryptomining apps trick netizens into viewing ads, paying for a subscription service with an average monthly fee of Rs 15, and increasing their mining capacity for nothing.

Trend Micro sent a report of its findings to Google, which immediately took action by removing the apps from the Play Store.

The report states that the apps have nothing to do with cloud mining or have cryptocurrency mining capabilities. Some apps have asked users to pay between $15 and $190 to increase their cryptocurrency mining capabilities through the apps’ in-app payment system.

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Although the apps aren’t on the Play Store, users have already downloaded them on their smartphones According to reports, two of them aren’t even apps, so users have to buy them Paid apps include Cryptoholic – $12.99 per download Bitcoin Cloud Mining and Daily Bitcoin Rewards – 5 A $.99 cloud-based mining system is included. “

Trend Micro revealed that after searching for “cloud mining” on Google Play, it found several “apps” of the same concept on the platform.

Data from Trend Micro Mobile App Establishment Service (MARS) further revealed that more than 120 fake cryptocurrency mining apps are available online. These apps do not have cryptocurrency mining capabilities and are designed to trick users into viewing in-app ads. It affected more than 4,500 users worldwide from July 2020 to July 2021.

Some of these apps can be found in the Finance category of the Play Store After reviewing the terms of use of one of these apps, Trend Micro experts discovered that it was designed as a game with no cryptocurrency mining functionality.

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This means that no user is obligated to pay any cryptocurrency nor does it guarantee a reliable return of virtual goods and features purchased in the app. The Trend Micro report also found that some of these malicious apps trick their users into clicking ads instead of paying for increased computing power.

To avoid falling prey to such fake apps, netizens are advised to use security solutions that warn users about fraudulent apps.

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Fake Crypto Mining Android Apps Net Fraudsters $350k

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