• Beware, Android users! Around 150 cryptocurrency mining scam apps have cheated consumers out of $350,000

  • There were some people who had invested in Bitcoin and several other cryptocurrencies long before Elon Musk started tweeting about it. This concept has long piqued people’s interest, and it’s been suggested as a useful financial tool on several occasions. So, investing in cryptocurrencies may appear to be a great idea, but before you start giving over your cash in exchange for crypto coins and hoping for the best, you should take a close look at the app you’ll be utilizing. Especially if you have an Android phone.

    According to security researchers at the Lookout Threat Lab, there are as many as 170 Android apps tricking users who want to make money from crypto mining, with 25 of them finding a home on the official Play Store. These apps appeared to bypass all detections for the Play Store app check since they did not appear to be performing anything that would trigger the Play Store’s automated policy compliance checks.

    Google has since deleted the apps from the Play Store, but this could only be the beginning. Applications like these essentially charged users a fee in exchange for processing power in order to mint new coins. Bitcoin and Ethereum are among the coins they claim to be mining. These apps cost anywhere from $12.99 to $259.99, and you’d have to pay using Google Play’s saved payment methods or crypto coins like Bitcoin, which you’d send directly to the developer’s crypto wallet. While the CloudScam and BitScam apps have been taken down from Google Play, hundreds more are still available in third-party app shops. The operators made at least $350,000 in total.

    According to the researchers, they stole $300,000 through the sale of fraudulent apps and $50,000 in cryptocurrency from victims who paid for fake upgrades and services. People should read reviews and terms and conditions before using an app, according to the experts. They claim that “the majority of the scam apps either have bogus information or don’t have any terms available.”

    According to the researchers, if an app asks for permissions on the phone it it shouldn’t be asking for, that’s a red signal. Also, you should be aware if the program has a propensity of resetting itself or crashing frequently, resulting in a crypto balance reset.

    What's your reaction?