8 Fake crypto apps have been removed from the Google Play Store, and users are advised to delete them as well.
Prime Minister Narendra Modi’s Twitter account was hacked, bringing cryptocurrency back into the spotlight. ‘India has eventually admitted bitcoin as legal tender,’ read a message from the Prime Minister’s Twitter account on December 11 at 2.14 p.m.
The government has purchased 500 bitcoins and is distributing them to the all the country’s people. With this tweet, a fraudulent link was also posted.
PM Modi remarked last month that all democratic countries should ensure that cryptocurrency or bitcoin does not fall into the wrong hands because it will harm our youngsters. By the way, there are more than 100 million cryptocurrency users in the country.
Those who have put in a total of Rs. 6 lakh crores. Some apps are taking unfair advantage of people’s investment. These apps are used to steal people’s money.
What is Cryptocurrency?
Cryptocurrency will be one of the most talked-about topics in 2021. The increase in the value of cryptocurrencies piqued people’s interest in the digital currency all over the world.
Not only among investors, but also among the general public, it has become a hot topic. While countries are currently debating whether or not to legalize cryptocurrency, certain parts are witnessing some adoption (baby steps).
The increasing popularity of bitcoin and cryptocurrency has attracted a slew of cyber crooks. In reality, the FBI has issued a warning to bitcoin and cryptocurrency buyers, exchanges, and payment platforms regarding the increasing threat of criminals attempting to steal bitcoin and crypto-assets.
Google, meanwhile, has banned eight bogus bitcoin Android apps that were used to defraud customers earlier this year. These programs pose as bitcoin cloud mining apps, allowing users to earn cryptocurrency by investing in a cloud mining business.
The apps, on the other hand, duped users into watching advertisements and paying for subscription services.
Stealing 1100 Rupees Of People Every Month
According to security research firm Trend Micro, there are numerous similar fake crypto apps on the Google Play Store that are designed to defraud customers. Through advertising and subscription services, these 8 applications utilized to swindle consumers out of an average of about Rs 1,100 per month. These fake crypto apps used to make extra payments by luring users in with the promise of earning more money through mining than regular users. Nothing was given back to the users.
Eight of fake crypto apps have also been removed by Google. Despite this, many people continue to utilize these programs. If anyone have any of these cryptocurrency apps on their phone, or if ever installed them using APK, remove them immediately.
8 Fake Crypto Apps That Steal Users Money
- 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
- MineBit Pro – Crypto Cloud Mining & btc miner
- Ethereum (ETH) – Pool Mining Cloud
Two of the eight crypto-related apps were paid. The Crypto Holic – Bitcoin Cloud Mining app costs about Rs.965, while the Daily Bitcoin Rewards app costs approximately Rs.445.
Apk Don’t Install Apps
APK files can be used to install apps that aren’t available on the Google Play Store on ones phone. Nonetheless, such apps should not be installed on the phone, since even Google prohibits them.
It is ones liability if these apps cause serious damage to ones device. In fact, many of these apps have a different name and come out with a different name after installation.
Such apps can infect any phone with a Trojan, which could also lead to information theft.
Complete Ban Is Not Easy, Regulation Is The Only Way
“Cryptocurrencies are being used everywhere around the world,” says Siddharth Sogani, Founder and CEO of Cribco Global. This is the Internet’s universe. In such a case, in a democratic country, it is the proper course of action to regulate it rather than outright prohibit it.
In the United Kingdom, Australia, China, France, Germany, Hong Kong, Italy, Japan, Singapore, South Korea, and most states in the United States, cryptocurrency is regulated.
In such circumstances, They hope that bitcoins can be used as a commodity or asset in India. Only until the measure is submitted in Parliament will anyone know what the true picture is.
Aside from that, the apps enticed users to spend additional money by encouraging them to “increase their crypto mining capacity by “purchasing” their favourite mining devices.” The apps promised that the machines will produce more coins at a faster rate as a result of the apps. Some companies offered customers to click on advertising in exchange for more processing power.
In such circumstances, the apps advised users that after watching video advertising within the app, they may begin mining.
More than 120 phone cryptocurrency mining apps can still be found on the internet. ” These apps do not have any cryptocurrency mining capability and trick users into watching in-app adverts. It also included some pointers on how to recognize such programs.
How To Spot Fraud Crypto Mining Apps?
It recommends that customers study the Play Store reviews for such apps, particularly the 1-star reviews. This is because app developers can use fraudulent and paid-for 5-star reviews to trick other users into installing their apps.
Users are also encouraged to attempt entering the wrong bitcoin wallet address into these apps. According to its findings, such apps don’t have a check for wallet addresses because they don’t genuinely link to them. As a result, they are more likely to accept an invalid wallet address, demonstrating their fake character.
Throughout mining, a scam software like this can potentially be discovered by resetting the phone. “If a device is restarted after mining begins and the mining application is stopped in the background, the OS will forcibly delete the counter, resetting it to zero,” according to the study.
One of these apps’ telltale signs is a withdrawal fee. They usually demand a processing fee that is far larger than the revenue gained from cloud mining.