Google is finally cracking down on eight apps that were available for download on the official Google Play app store for seeming like cryptocurrency cloud mining applications but weren't. The intentions behind each app vary.
According to News18, the apps were discovered by the security firm known as Trend Micro and the eight apps promised users that they would earn cryptocurrency through investing their money in certain cloud-mining operations. The company reportedly spotted the malicious apps tricking victims into watching ads and paying a subscription fee of $15 in order to get increased mining capabilities.
The apps were the following:
BitFunds - Crypto Cloud Mining
Bitcoin (BTC) - Pool Mining Cloud Wallet
Bitcoin Miner - Cloud Mining
Crypto Holic - Bitcoin Cloud Mining
MineBit Pro - Crypto Cloud Mining & btc miner
Daily Bitcoin Rewards - Cloud Based Mining System
Ethereum (ETH) - Pool Mining Cloud
The apps were listed on the official report of Trend Micro. In the blog post, Crypto Holic - Bitcoin Mining costs users $12.99 to download, Daily Bitcoin Rewards - Cloud Based Mining System would cost users $5.99, The BitFunds - Crypto Cloud Mining app was downloaded a total of 100,000 times! Trend Micro also noted that the eight discovered apps were specifically detected as AndroidOS_FakeMinerPay as well as AndroidOS_FakeMinerAd.
Fake Crypto Mining Apps
Due to this, it will not actually be obligated to issue cryptocurrency payments to the apps' users. It now does not really guarantee a firm return for any particular virtual goods as well as features purchased within the app. If you're curious about how NFT games make money, check it out here.
Cryptocurrency Market Volatility
The second firm now adds that the cryptocurrency market volatility is not just risky, but those particularly interested in mining cryptocurrency should also be aware of the particularly fraudulent cryptocurrency-mining apps. Users are advised to download apps exclusively from third-party developers or at least check out the company's webpage which is usually available on the Google Play listing regarding the authenticity.
In addition, reading reviews of the app is also in pretty good practice. Cryptocurrencies are all enjoying massive popularity with Bitcoin toying around at the $50,000 price point and even reaching a whopping $63,729.5 a coin early this 2021. Yield farming is also a feasible way to earn cryptocurrency which is less risky compared to trading and more stable compared to playing NFT games.
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Written by Urian B.