Looking to mine cryptocurrencies? Beware of fake cryptocurrency mining apps! Learn how to spot and avoid these deceptive applications that can put your security at risk. Discover how to identify fake cryptocurrency mining apps and protect yourself from potential scams. Safeguard your digital assets by staying informed and taking necessary precautions against fraudulent mining apps. Stay aware, and stay secure with our guide on avoiding fake cryptocurrency mining apps.
Cryptocurrency is all the rage these days, and as is typical, rogue applications and hackers are taking advantage of the rising crypto enthusiasm. These applications are designed to trick unwary users into installing them on their phones.
It’s all about cryptocurrencies all around the world, as more and more investors get interested in digital money. In response to the outrage, Google has removed eight hazardous and fraudulent apps from its Play Store that may infect your Android phone with malware.
Google has taken down eight of the most dangerous cryptocurrency applications from its Play Store. These applications were designed to deceive users into downloading and installing them on their phones. To persuade users to spend money on a “cloud mining service” and benefit from it, these applications employed the typical “get rich quick” method.
“The app Daily Bitcoin Rewards – Cloud Based Mining System encourages users to increase their crypto mining capacity by “buying” their favorite mining equipment, allowing them to earn more coins at a quicker rate,” according to the article.
List of the 8 apps that Google has removed
Google has taken down eight programs that claimed to be Bitcoin mining apps from the Google Play Store. Victims were forced to view advertisements, pay for memberships, and enhance their mining powers in order to make more money. These applications cost an average monthly price of $15, which approximately equates to Rs. 1,100.
Trend Micro, a Japanese security firm, discovered the applications’ harmful actions and reported them to Google, which resulted in the apps being removed from the Google Play Store. Bit-Funds, Bitcoin Miner, and other applications have been blocked by Google.
- BitFunds – Crypto Cloud Mining
- Bitcoin Miner – Cloud Mining
- Bitcoin (BTC) – Pool Mining Cloud Wallet
- Crypto Holic – Bitcoin Cloud Mining
- Daily Bitcoin Rewards – Cloud-Based Mining System
- Bitcoin 2021
- Mine-bit Pro – Crypto Cloud Mining & BTC Miner
- Ethereum (ETH) – Pool Mining Cloud
Two of the above-mentioned applications, according to Trend Micro’s analysis, were paid. On the Google Play Store, Crypto Holic – Bitcoin Cloud Mining costs $12.99, while Daily Bitcoin Rewards – Cloud Based Mining required users to pay $5.99 before they could download the app. The sums are about Rs. 996 and Rs. 445, respectively.
According to the research, there are over 120 such Bitcoin mining programs available online. “These applications, which do not have bitcoin mining capabilities and mislead users into watching in-app advertising, have affected more than 4,500 people globally from July 2020 to July 202,” according to a blog post by Trend Micro.
Google changed its ad policy on Aug. 3, allowing cryptocurrency exchanges and wallet providers to promote their services to Google customers. Advertisers must be registered with the Financial Crimes Enforcement Network as a “money services business” and with at least one state as a money transmitter or a federal or state-chartered bank company in order to participate in this campaign.
Initial coin offerings, corporations, and celebrities, on the other hand, are prohibited from promoting cryptocurrencies under the current regulation. On the other hand, Tik-Tok, a popular social media site, has totally banned Crypto advertisements on its platform, similar to Google’s prior stance in 2018.
Here’s how to spot a fake cryptocurrency mining app
1. Examine the app’s ratings carefully: Fake applications will receive a flood of 5-star reviews once they are launched to the public. Consider 1-star reviews more carefully.
2. Enter an invalid or inaccurate Bitcoin wallet address: Trend Micro claims that if a user inputs an invalid wallet address and the software accepts it and does follow-up actions, the application is most likely fake.
3. Restart the app or phone while it’s mining: If a device is rebooted after mining starts and the mining software is halted in the background, the counter will be reset to zero.
4. Confirm whether there is a withdrawal fee: When transferring Bitcoin, a processing fee is incurred, which is significant when compared to the earnings earned by cloud mining. As a result, the business considers free withdrawals to be very suspicious.