Google announced in an official blog post that it recently discovered eight mobile applications which it believed masquerade as cryptocurrency cloud mining applications. The technology firm described the applications as “deceptive” and aim at tricking victims.
We want our readers to stay well-informed and safe in their cryptocurrency investment journey. Thus, we believe that sharing this news with them is important.
According to the report posted online by Indian business and financial daily newspaper The Hindu Business Line, among the eight scam applications, Google found to consist of BTC Miner and Ethereum – Pool Mining Cloud, BitFunds – Crypto Cloud Mining, Bitcoin 2021, and Bitcoin Miner – Cloud Mining.
Furthermore, the American multinational technology firm discovered four other fraudulent applications like Daily Bitcoin Rewards – Cloud Based Mining System, Bitcoin– Pool Mining Cloud Wallet, MineBit Pro – Crypto Cloud Mining, and Crypto Holic – Bitcoin Cloud Mining.
Google learned that two of these applications disguised as cryptocurrency cloud mining applications were paid, requiring users to buy them. They include Daily Bitcoin Rewards – Cloud Based Mining System worth US$5.99, and Crypto Holic – Bitcoin Cloud Mining, which costs US$12.99 to download.
Moreover, based on Google’s analysis, the eight malevolent applications reportedly did not have any virtual currency mining behavior. A local mining simulation module that comprised a counter and some random functions was how scammers did the sham mining activity on the applications’ user interface.
Some of the applications masked as cryptocurrency cloud mining applications prompted users to pay for increased mining capabilities through their in-application billing systems. This feature was present despite the fake applications being unrelated to cloud mining operations or not possessing any crypto-asset mining features.
These payments ranged from US$14.99 to US$189.99. Cryptocurrency users got protection from Google against the applications that masquerade as cryptocurrency cloud mining platforms when the company reported its discovery to Google Play. The latter promptly eliminated the eight malicious applications from the Google Play Store.
In light of this latest event in Google, the company’s administrators warned that cybercriminals are actively exploiting people’s interests. They explained that this situation comes as more individuals become attracted to learning about crypto-asset mining.
Google’s administrators shared that shady characters take advantage of cryptocurrency enthusiasts by making fake Android applications that target people interested in virtual coins and deploying virtual currency mining malware.
We think Google’s proactive step against the fraudulent cryptocurrency cloud mining applications is a highly laudable effort. After all, they were able to stifle such modus operandi of scammers.
We hope that Google can help eliminate more bogus applications in the coming months. In this manner, only the legal and authentic cryptocurrency cloud mining applications will be available for virtual currency enthusiasts, and the latter will enjoy better and safer investment experiences.