• A total of $350K has been stolen from 93K victims of fake cryptocurrency mining Android apps

  • Lookout, a cybersecurity organization, discovered a slew of crypto mining frauds involving hundreds of phony Android apps. At least 93,000 people were harmed as a result of the fraudulent plan, which stole more than $350,000 from them.

    Instead of mining cryptocurrency, thieves steal money. According to recent research, the security firm Lookout uncovered 172 fake Android apps that were designed to mine digital assets. Instead, the apps were found to have defrauded at least 93,000 people out of $350,000.

    BitScam and CloudScam are two unique Android app sections that were used to categorize the apps. They were apparently developed to target people who were interested in cryptocurrency by the criminal actors.

    BitScam and CloudScam promoted crypto mining operations for a fee to clients at their core. The apps, on the other hand, did not provide the aforementioned services and instead took the money from the victim. Furthermore, the programs deceived consumers by displaying fictitious minimum account balances. Lookout mobile app security researcher Ioannis Gasparis noted:

    “Because these programs don’t actually accomplish anything dangerous, they were able to fly under the radar. They’re just shells set up to entice cryptocurrency enthusiasts and collect money for things that don’t exist.”

    According to Lookout, Google Play had 25 of the 172 bogus apps available for download. Following that, the cybersecurity firm collaborated with Google to remove the applications from the platform. Hundreds of them, however, are available for download on third-party app stores, according to the cybersecurity firm.

    A British woman’s life savings were stolen by the BTC scam. Teresa Jackson, a retired teacher from Portishead, Somerset, was recently featured on CryptoPotato. The 63-year-old was pleased by a Bitcoin investment plan she saw on Instagram and began to consider putting some of her money into it.

    She was approached by someone claiming to be a financial advisor with extensive knowledge of Bitcoin shortly after joining the strange project. Jackson was enticed to invest £120,000, which was her pension fund and life assets, by an unknown man who allegedly sounded very thrust-worthy.

    She sent the money and inquired about the status of her investment. Unfortunately, the “advisor” did not respond, and the monies were irreversibly lost:

    “I felt humiliated and foolish. My family had faith in me to know what I was up to. Simply put, I am now on Universal Credit. I’m at ease, yet I can’t live the way I used to.”

    When Ms. Jackson told her bank about the scam, she received half of her money back. However, because she moved the cash herself, the institution was unable to refund the full sum.

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