Google has removed eight suspected fraudulent mobile apps from its Play Store. The apps deceived users by charging fees for a fake cloud mining service.
Users had to make additional payments to enable “advanced mining features”
The latest investigation by Trend Micro has uncovered eight Android apps that exploit crypto users by charging a monthly fee under the guise of a legitimate cloud mining service. The Google-hosted apps, which posed as crypto-mining apps, misled users into watching paid ads and paying for a cloud mining service that did not exist. The fake mining activity on the app, its user interface (UI) was performed using a local mining simulation module that includes a counter and some random functions.
According to the report, users were not only charged a monthly fee of about $15, but they also had to make additional payments to enable “advanced mining features.” In addition, some apps required users to pay upfront.
The list of fraudulent crypto apps doesn’t stop at just eight
The list of fraudulent crypto apps includes mining services such as BitFunds Crypto Holic, Bitcoin Miner, MineBit Pro Daily Bitcoin Rewards, Bitcoin Miner, Bitcoin 2021, Ethereum (ETH) – Pool Mining Cloud, and a crypto wallet service called Bitcoin (BTC) – Pool Mining Cloud Wallet.
Trend Micro claims to have discovered numerous other fraudulent apps that have been downloaded over 100,000 times. The company’s data suggests that over 120 fake apps still exist on the Play Store. According to them, the apps have affected 4,500 users globally from July 2020 to July 2021.