Cryptocurrency enthusiasts are being cautioned worldwide to be wary of Android apps that promise to mine Bitcoins over the cloud. According to researchers from a private IT security agency, cybercriminals duped nearly 100,000 users into downloading fake android apps for crypto mining services.
Over 170 fake Android apps for crypto mining services, 25 apps found on Google Play, have been discovered as defrauding individuals interested in cryptocurrency, as per researchers. These applications, many of which are accessible worldwide, promote themselves as delivering cloud cryptocurrency mining services for a charge. Unfortunately, after installing and interacting with the apps, customers will discover that no cloud crypto mining transpired.
The app’s primary purpose is to commit fraud and steal funds from victims through legal payment methods while never providing the promised service. As per published reports, the scammers made at least $350,000 in total. They took $300,000 from the sale of the bogus apps and an additional $50,000 in bitcoin from victims all around the globe who purchased phony upgrades and services.
Types Of Fake Android Apps for Crypto Mining Services
These applications were divided into two groups by researchers: BitScam and CloudScam. Despite the technological differences between these two categories, all the fake Android apps utilize a similar business model. It implies that numerous criminal actors set up competing companies to target consumers in the same approach.
Although Google Play store removed the CloudScam and BitScam apps from their platform, several other apps are still accessible in third-party app shops. CloudScam and BitScam both provide crypto mining subscriptions and services that customers may pay for via the Play Store in-app billing method. BitScam is distinguished from the two as its apps accept Bitcoin and Ethereum as methods of payment. Th ..
Support the originator by clicking the read the rest link below.
