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Google removes 8 fake cryptocurrency mining apps after cybersecurity firm exposes them as malware

Duping users, the apps promised them better mining capabilities and revenue by inviting friends while one app which posed as a cloud mining application turned out to be just a game.  As many as eight apps masquerading as cryptocurrency mining apps went offline on Google Play Store after a report by Trend Micro, a cyber security research firm, identified them as malware run by hackers. The report, which was submitted to Google, stated that these apps tricked victims into watching ads, paying for subscription services with an average monthly fee of $15, and paying for increased mining capabilities without getting anything in return. Cryptocurrency has seen a surge in adoption ever since the pandemic began last year with Bitcoin surging over more than 400 percent. People are keen to learn about various activities associated with the crypto ecosystem. It is what cybercriminals prey upon given the complicated nature of cryptocurrency coupled with a lack of awareness among people. The decentralised nature of crypto has made it difficult for governments to put in place regulations leaving the space ripe for scams to flourish without consequences.    Findings of the Trend Micro report Apps identified The apps were detected by Trend Micro as AndroidOS_FakeMinerPay and AndroidOS_FakeMinerAd. They promised users cryptocurrency after they made an investment in a cloud-mining operation. It is not yet known how much money these apps made from unsuspecting users.  The fake apps enlisted by Trend Micro are as follows: BitFunds – Crypto Cloud Mining Bitcoin Miner – Cloud Mining Bitcoin…

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I cover several beats such as Crypto, Telecom, and OTT at MediaNama. I can be found loitering at my local theatre when I am off work consuming movies by the dozen.

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