Google Play Store Removes 8 Fake Cryptocurrency Mining Apps for Tricking Users: Trend Micro

By Mudit Mohan Sharma

Cryptocurrency could be a trending topic, and now, Google Play has removed eight deceptive cryptocurrency apps when they were discovered to be faux and tricking users to look at advertisements, as per security firm Trend small. These apps are masqueraded as cryptocurrency cloud mining apps wherever users will earn cryptocurrency by finance cash into a cloud-mining operation. Trend small reports that these eight malicious apps tricked victims into observance ads, paying for subscription services that have a mean monthly fee of $15 (roughly Rs. 1,100) and paying for multiplied mining capabilities while not obtaining something reciprocally.

Trend small reports that the eight faux cryptocurrency apps were: BitFunds – Crypto Cloud Mining, Bitcoin miner – Cloud Mining, Bitcoin (BTC) – Pool Mining Cloud billfold, Crypto Holic – Bitcoin Cloud Mining, Daily Bitcoin Rewards – Cloud-primarily based Mining System, Bitcoin 2021, MineBit professional – Crypto Cloud Mining & BTC labourer, and Ethereum (ETH) – Pool Mining Cloud. The firm says that 2 of those malicious apps were even paid; which means users had to buy them on installation. This strategy was wont to gain the trust of the user. Trend small says Crypto Holic – Bitcoin Cloud Mining cost $12.99 (roughly Rs. 960) to transfer, whereas Daily Bitcoin Rewards – Cloud-primarily based Mining System cost $5.99 (roughly Rs. 450).

The firm says that these fake apps had no cryptocurrency-mining behaviour. they’re aforementioned to possess distributed fake mining activity via a neighbourhood mining simulation module that enclosed a counter and a few random functions. These apps lured users to buy multiplied cryptocurrency-mining capabilities via the apps’ in-app asking systems that vary from $14.99 (roughly Rs. 1,111) to as high as $189.99 (roughly Rs. 14,000), as per Trend small.
Trend small says that one among the apps, MineBit professional, conjointly unconcealed in its terms of use that it’s simply an “educational simulation/game developed to higher teach folks regarding the crypto-cash system.” The terms clarify that come of cash for any virtual product purchased wasn’t secure. additionally, these apps are aforementioned to be flooded with ads of various types with false guarantees like increase mining speed guarantees to begin mining when viewing video ads, and more.

Google is claimed to possess already removed these apps from Google Play, however, Trend small says that once it searched keywords like ‘cloud mining’ on Google Play it found several regarding apps of the identical sort. Few of those apps have even been downloaded quite one hundred,000 times, as per the protection firm.