Google Play Store Removes 8 Fake Cryptocurrency Mining Apps: For Tricking the App Users

Google Play Store Removes 8 Fake Cryptocurrency Mining Apps

Trend Micro, a security company, reports that Google Play has banned eight misleading bitcoin apps after they were found to be phoney and deceiving users into watching adverts. Cryptocurrency is currently a hot issue.

These apps were actually bitcoin cloud mining apps, allowing users to profit from cryptocurrency investments in cloud mining operations.

According to Trend Micro, these eight malicious apps deceived users into watching adverts, subscribing to services for an average monthly cost of $15 (approximately Rs. 1,100), and purchasing more powerful mining equipment.

Also Read: Telegram Marks Over 1-Billion Google Play Store Installs: After the Recent Facebook Failure

The eight fraudulent cryptocurrency applications, according to Trend Micro, were BitFunds – Crypto Cloud Mining, Bitcoin Miner – Cloud Mining, Bitcoin (BTC) – Pool Mining Cloud Wallet,

Google Play Store Removes 8 Fake Cryptocurrency Mining Apps

Crypto Holic – Bitcoin Cloud Mining, Daily Bitcoin Rewards – Cloud Based Mining System, Bitcoin 2021, MineBit Pro – Crypto Cloud Mining & btc miner, and Ethereum (ETH) – Pool Mining Cloud.

Two of these fraudulent apps, according to the company, were even paid, requiring users to make a purchase at the time of installation. This tactic was employed to win the user’s trust.

According to Trend Micro, Daily Bitcoin Rewards – Cloud Based Mining System cost $5.99 to download, while Crypto Holic – Bitcoin Cloud Mining cost $12.99 (around Rs. 960). (roughly Rs. 450).

According to the company, there was no cryptocurrency mining activity in these bogus apps. They allegedly used a local mining simulation module that includes a counter and a few random routines to conduct fictitious mining operations.

According to Trend Micro, these apps persuaded users to pay through in-app charging systems that vary from $14.99 (about Rs. 1,111) to as high as $189.99 (approximately Rs. 14,000) for enhanced cryptocurrency mining capabilities.

One of the apps, MineBit Pro, according to Trend Micro, also made clear in its conditions of use that it is only an “educational simulation/game developed to better teach individuals about the crypto money ecosystem.”

The agreements make it clear that money returns for any virtual items purchased were not promised.

Additionally, it’s claimed that these apps are inundated with adverts of all stripes that make untrue promises like speeding up mining, starting mining after watching video ads, and more.

Despite claims to the contrary, Trend Micro claims that when it looked for terms like “cloud mining” on Google Play, it discovered a large number of unsettling apps of the same kind. Few of these apps have even had more than 100,000 downloads, according to the security company.

Google Play Store Removes 8 Fake Cryptocurrency Mining Apps

Trend Micro encourages consumers to carefully examine app reviews and pay more attention to 1-star reviews in order to detect whether an app is fake.

Also Read: Google ARCore: Check Here to Know Exactly What It Is and How Its Works

Try typing an incorrect cryptocurrency wallet address as well. It’s probably fraudulent if the app accepts it and can carry out follow-up procedures. Verify again whether a withdrawal fee is charged.

A handling fee is necessary when transferring cryptocurrency, which is expensive when compared to the usual profits from cloud mining. Therefore, free withdrawals ought to be viewed with extreme suspicion.

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