- Google has removed eight fake crypto-mining apps from Play Store.
- Data shows that there are more than 120 fake crypto apps still existing online and deceiving users.
Multinational technology company Google has banned eight fake crypto-mining apps considered to be dangerous. Google removed the crypto mining apps as it believes they were designed to mislead people. The existence of fake crypto apps and hackers is one of the biggest challenges that the crypto market is currently facing. The ongoing buzz around the crypto space continues to attract more fake crypto apps and hackers into the space.
Google removes malicious crypto-mining apps
Google identified the eight fake crypto mining apps on Play Store and removed them. These apps include BitFunds – Crypto Cloud Mining, Bitcoin Miner – Cloud Mining, Bitcoin (BTC)- Pool Mining Cloud Wallet, and Crypto Holic – Bitcoin Cloud Mining. Others are Daily Bitcoin Rewards Cloud Based Mining System, Bitcoin 2021, MineBit Pro – Crypto Cloud Mining & BTC miner, and Ethereum (ETH) – Pool Mining Cloud.
These apps mislead innocent users into installing them on their mobile devices with the usual “get rich quick” scheme. The malicious apps deceive users into investing their money in cloud mining services and reaping big profits.
In a report, Trend Micro stated that the fake apps are taking advantage of innocent crypto lovers who desire to learn about mining.
Despite these apps not being associated with cloud-mining operations or having any cryptocurrency-mining features, some of these apps prompt users to pay for increased cryptocurrency-mining capabilities via the apps’ in-app billing systems that range from $14,99 to as high as $189.99.
Particularly, Daily Bitcoin Rewards – Cloud Based Mining System asks users to upgrade their crypto mining capacity by “buying” their favorite mining machines. The malicious crypto mining app convinces users with the promise to make them earn more coins at a faster rate.
According to Trend Micro, the malicious apps only lure victims into watching ads and pay an average subscription of $15. Additionally, the apps convince innocent victims to pay for increased mining capabilities without offering them anything in return.
Two of the eight apps are paid apps that require users to make purchases before installing them. They are Crypto Holic – Bitcoin Cloud Mining and Daily Bitcoin Rewards – Cloud Based Mining System. Crypto Holic – Bitcoin Cloud Mining costs $12.99, while Daily Bitcoin Rewards is $5.99.
MARS identifies over 120 fake crypto applications
Furthermore, Trend Micro Mobile App Reputation Service (MARS) revealed that there are over 120 fake crypto-mining apps existing online. These apps present themselves with crypto-mining capabilities, which is false. They simply lure users into watching in-app advertisements. The data showed that more than 4,500 users worldwide fell victims to these apps between July 2020 and July 2021.
Furthermore, users are restricted from getting any revenue on these fake crypto-mining apps that have since been taken down from Google Play Store. To unlock the withdrawal interface, users are asked to invite friends who also get deceived. Users are unable to withdraw cryptocurrency, even after inviting several friends as requested.