Fake Crypto Mining Apps Stolen $350K From Multiple Innocent Users
The Cybersecurity firm investigated and found more than 172 fake crypto Mining Android applications. Out of 172, few applications were available on Google Play Store.
The San Francisco-based firm Lookout detected fake Android apps in the internet market and they found around 172 android apps which were promising to provide the facility of cryptocurrency mining through their application with a small amount of Investment.
25 out of 172 were available on Playstore. The Cybersecurity firm reported these apps to Google, to remove them from playstore. Now those 25 crypto mining apps are not available at Google play store.
The application were categorised into two categories, namely BitScam & Cloudscam. These applications were specifically designed to attract people to invest their money in their crypto mining schemes. The application creators were advertising their apps through social media and through some websites.
“These apps were able to fly under the radar because they don’t actually do anything malicious. They are simply shells set up to attract users caught up in the cryptocurrency craze and collect money for services that don’t exist.”
So according to the Investigation firm, These apps were not harmful for devices and also these apps were simply designed which was not able to steal data from our mobile or access any unnecessary permission. But the actual thing was their ponzi scheme in the application that was ” crypto Mining with small Investment”.
Reports say, Firm found that these apps together stole around $350,000 from 93,000 innocent users. These applications were targeting only those users which were interested to invest in cryptocurrency mining platforms.
It should be noticed, there are a number of third party app stores available in the internet market. And more than 100s of such apps are available, which are involved in serious ponzi schemes.
The Cybersecurity firm will take action against them but for now it is our duty to educate people and explain to them about real ways of earning instead of such kinds of fake mining ideas.
All of you can help every person to keep this community scam free, if you can educate/explain/inform proper knowledge about cryptocurrency.
Here at our platform Bitcoinik.com, anyone can learn how to earn and how the whole crypto market is working and also we keep all of you updated with such kinds of scams that will help you to keep yourself away from such scams.
Read also: SSU Seized Big Mining Firm In Ukraine & Arrested Miners
