Digital currency is a trending topic and now google play has removed 8 fake crypto mining apps after discovery. They tricked the users to watch advertisements, according to the security firm Trend Micro. These applications are impersonated as crypto cloud mining apps where the users can earn digital currencies by investing money in a cloud function. According to a report by Trend Micro, these 8 fake crypto mining apps tricked victims to watch advertisements, paying for subscription services that cost nearly $15 per month and also paying for increased mining capabilities without getting any profit in return.
8 Fake Crypto Mining Apps Revealed
According to a report by Trend Micro, the eight digital currency fake android apps that were acting as Bitcoin mining software were: Bitcoin Miner – Cloud Mining, BitFunds – Crypto Cloud Mining, Bitcoin (BTC) – Pool Mining Cloud Wallet, Daily Bitcoin Rewards – Cloud Based Mining System, Crypto Holic – Bitcoin Cloud Mining, Bitcoin 2021, MineBit Pro – Crypto Cloud Mining & BTC miner, and Ethereum (ETH) – Pool Mining Cloud. The firm asserts that 2 apps among these were even paid which means that the user will have to purchase them on installation. The developers of these fake applications used this strategy to gain the trust of the users. As per the report, the Daily Bitcoin Rewards – Cloud Based Mining System costs $5.99 while Crypto Holic – Bitcoin Cloud Mining costs $12.99 for download.
If we would have evaluated the apps properly we would know that these fake crypto mining apps had no mining behavior. They used to carry out a mining activity through a local mining system that had some random functions and a counter which was completely a sham. These apps attracted the users to pay for crypto mining capabilities through the “in app billing system” of the applications that range from $14.99 to as high as $189.99 as per the report.
“Educational simulation/game developed to better teach people about crypto money ecosystem.”
As per their term of use, they aimed to teach the users on what is Bitcoin mining or crypto mining, how to do crypto mining, and many more.
The terms also state that the return of money for any purchased virtual goods was not guaranteed. Along with that, these applications are filled with ads of various kinds with fake promises like the promise to start mining after viewing these ads, an increase in the speed of mining, and many more.
Google has confirmed that it has already removed these applications from the Google Play Store, but the reporter of this incident asserted that when they searched for apps in the Google Play Store with relevant keywords, they found many applications with similar features. And according to a security firm, many of these apps were even downloaded more than 100,000 times.
More Such Cases Of Fake Cryptocurrency Websites
As per a report, there are more than 120 such applications and numerous websites that are still being used and have not yet been recognized. There have been many such cases of fake crypto trading apps and websites. One such case has been mentioned below.
In 2017, one of the most dangerous digital currency exchanges was exposed by the South Korean Authorities. The name was BitKRX which was named so to make it look legitimate and a digital currency arm of the financial trading platform of the country known as the Kore Exchange (KRX). But this fake exchange failed to lure the investors and they were exposed. Few developers of this exchange were also arrested.
So now with time the security on the web is increasing. So if you are wondering how to create a fake Bitcoin website, then you should immediately discard this idea.
You may be wondering how to identify fake cryptocurrency apps, here is your answer. It is advised that in order to evaluate fake crypto mining apps, the users must read the reviews of the apps carefully and pay more importance to one star reviews. Also, first, try entering the wrong digital currency wallet address. If the website or the application accepts it and still carries on the activities then there are high chances that the application is fake.