Google bans eight scam crypto apps from Play Store

Trend Micro reviews that there are at present far more than 120 fake crypto apps energetic on the Play Store, quite a few of which even have far more than a hundred,000 downloads.

Google has now moved to clear away eight allegedly fraudulent apps from the Play Store. These apps trick cryptocurrency fans to pay out for unlawful cloud mining companies.

Mobile apps are now a frequent phishing process with a large achievement charge for careless victims. The apps disguise themselves as cryptocurrency mining apps, forcing consumers to see advertisements and pay out to order non-existent cloud mining companies.

According to the report, consumers are not only charged a regular monthly charge of all-around $ 15, but they also have to pay out far more to “level up their mining power.” Additionally, some applications demand consumers to pay out in advance.

Reported fraudulent crypto applications consist of mining companies, this kind of as BitFunds, Bitcoin Miner, Bitcoin Daily Rewards, Crypto Holic, MineBit Pro, Bitcoin 2021, and Ethereum – Pool Mining Cloud. The record also incorporates a cryptocurrency wallet services known as Bitcoin – Pool Mining Cloud Wallet.

Although the over success have been reported to Google Play and eliminated from the Play Store, Trend Micro claims to have detected quite a few other fraudulent apps that have been downloaded far more than a hundred,000 occasions. Company information displays that there are even now far more than 120 fake apps:

“These apps, unable to mine cryptocurrencies and trick users into viewing advertisements, hit more than 4,500 users worldwide between July 2020 and July 2021.”

On August three, Google revised its marketing policy with cryptocurrencies, enabling cryptocurrency exchanges and the Wallet services to advertise merchandise to Google consumers. As element of the over hard work, advertisers are necessary to register with the Financial Crimes Enforcement Network (FinCEN) as “business in the money services industry and have at least one state as a money issuer or federally or state regulated banking entity“.

However, the policy is staying place in spot to protect against ICO companies, businesses and celebrities from advertising cryptocurrencies. TikTok, on the other hand, has resorted to a complete ban on cryptocurrency marketing on its platform, a move comparable to Google’s earlier policy in 2018.

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The publish that Google banned eight scam crypto apps on the Play Store initial appeared on Coinlive.