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Android crypto scam industry now targets more than 93000 victims

2 min read

TL;DR Breakdown

• Cloud mining is used as a crypto scam for Android devices.
• More than 30 Play Store applications were flagged as fraudulent.

According to studies, the crypto scam has increased in Android devices and fake Apps destined for the crypto market. Many mobile applications offer to mine cryptocurrencies for minimal interest, which turns out to be a scam.

At least 150 mobile apps for Android have been branded fake when it comes to the cryptocurrency business. Twenty percent of these fraudulent Apps are in the Play Store, while the extra percentage is from clandestine websites. These mobile applications promise to receive cryptocurrencies, such as BTC, without mining each token.

Lookout Security details that the sole purpose of these Apps is to take money from investors without giving them the service it promises. It is a mode of crypto scam that is catching on amid a balanced trend with BTC and other tokens.

Damage caused by crypto scam in mobile apps

crypto scam

At least 93,000 Android investors are believed to have suffered from the crypto scam in recent months. At least $ 350,000 has been stolen by initial payment systems, extra transactions, or additional services.

Researchers take these rogue apps into two groups, BitScam and CloudScam. Although there are more than 100 different alternatives to scam with cryptocurrencies, these would be the most popular.

Although the malware in the App tries to extract data, it is not detected by the antivirus integrated into the mobile device. It even passes as a legitimate company that works with cryptocurrencies and hopes to help you make money.

Crypto scam victims often believe that the application will give access to a team of crypto miners from the country or abroad. The goal of this cloud mining is for the entire mining pool to contribute an amount of computing power from the device. However, they never have real profits.

Mobile apps for crypto mining are similar

Although mobile apps presented different mining operations, the design of these systems was very similar. So it could be concluded that it is a crypto scam network that operates remotely throughout in the world.

As well as BitScam offers mining services in the cloud by subscription in the application. According to reports, users can pay for the service by the Play Store system, TDC, or crypto.

Although Android Play Store has removed many of these rogue apps, they still appear. There are also third-party applications globally that the user can find on a website.

Researchers alert cloud mining users and recommend being well informed about the applications. Although this mining method with the phone is real, it is also involved in a full scamming environment.

Before subscribing to one of these services, the user must investigate the company and its credibility. Similarly, you will have to install the mobile application from the company’s official website dedicated to cryptocurrencies. In case of being scammed, the user could report the App to be immediately blocked in the Play Store.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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