Fake Cryptocurrency Apps Users Lost $350,000

According to a research by a security company, it has been revealed that fake crypto money applications on the Play Store are largely fraudulent.

Cryptocurrencies, which maintain their popularity as an investment tool today, also lay the groundwork for various criminals to do illegal activities. According to the latest findings of security researchers at Lookout Threat Lab, it was determined that 170 fake crypto money applications, 25 of which are on Google Play, encouraged users to mine on the cloud and then did not make any payments. Moreover, it was determined that these fake applications, which required various purchases to speed up the so-called excavations, stole approximately 350,000 dollars.

Fake cryptocurrency apps called BitScam and CloudScam claimed to provide cloud-based mining services by pooling the power of user devices. Trying to increase credibility by saying that the profits obtained after Kazım are also shared among users, these applications also demanded extra fees ranging from 13 to 260 dollars for subscriptions and various upgrades. However, at the end of the process, no matter how much excavation was done, despite reaching the required minimum balance, crypto money payments could not be made for various excuses. As a result of the work done by the researchers, it was determined that no excavation was carried out.

In the report published by Lookout Threat Lab on the subject, it was announced that those who sell such applications directly through the Play Store for a fee earn $ 300,000, while those who offer the application for free and sell various subscription packages earn $ 50,000. Although Google has removed them from its store based on the report, dozens of apps from third-party stores are still available. In essence, it is necessary to stay away from false promises, considering that expensive hardware used for standard cryptocurrency mining cannot be equated with smartphones. Do not forget to share your thoughts on the subject in the comments.


Related Articles

Back to top button