Cryptocurrency is one of the most important buzzwords of 2021 and everyone wants to get in on the action. With notable developments like Bitcoin being made an official currency in El Salvador, there has never been a more interesting time for an investor.
Naturally, malicious actors have been preparing to target users who are looking to mine their own cryptocurrency and then scamming them out of their money. Google app ban was recently slapped on as many as eight dangerous apps and these were then removed from Google Play Store. Security researchers claimed that these banned app were scamming users out of their money. Among the apps that Google banned from Play Store was the MineBit Pro – Crypto Cloud Mining & BTC Miner app.
Last month, in a crackdown, a Google ban was imposed on eight apps including BitFunds, Bitcoin Miner, Bitcoin (BTC), Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021 and more, which were detected by security firm Trend Micro.The users who downloaded these apps were unfortunately targeted with ads as well, besides convincing them to pay an average monthly fee of $15 (approximately ₹1,100) for boosting their cloud mining operations capabilities. However, users were never able to actually withdraw their earnings, which meant that they had been scammed out of their money. In fact, the security firm was able to insert any random cryptocurrency wallet address, and the app would accept the input and pretend to work.