December 5, 2022

Fraudulent mining apps in the Play Market

Fraudulent mining apps in the Play Market

  • Google has begun cleaning up crypto scammers in the Play Market.
  • The number of victims can be in the hundreds of thousands, Trend reports. Micro.
  • Some scammers directly talk about the fictitiousness of mining in the terms of use.

Google began to remove fake applications for cloud mining of cryptocurrencies from the Play Market. IT-company Trend Micro, which identified the applications, announced this on its official website.

At the time of this writing, Google has removed eight apps that showed signs of fraud:

  • 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.

As Trend Micro analysts have found out, applicationsforced victims to watch ads, pay for subscription services with an average monthly fee of $ 15, and pay for advanced cloud mining. In reality, the victims did not receive anything in return.

Fraudulent mining apps in the Play Market

Some of the applications managed to gain over 100000 downloads. However, it remains unknown whether the indicator is the result of cheating. From a technical point of view, as seen in the image below, fictitious mobile mining was done using a local simulation module that includes counter and random functions.

Fraudulent mining apps in the Play Market

In some cases, Trend Micro sayspremium service subscriptions could go up to $ 190. For example, the Daily Bitcoin Rewards application encouraged users to upgrade their capacities by “buying” top-end mining devices.

Mining for fun

It is noteworthy that some applications are clearmade it clear that there is actually no mining. So, the developers of MineBit Pro wrote in the terms of use that the application is just a game in which there is no cryptocurrency mining function.

Fraudulent mining apps in the Play Market

Through a disclaimer, the developersdeprived themselves of their obligations to transfer any payments in cryptocurrency to users, experts say. Trend Micro advises to pay attention to the praise of applications, check whether the application verifies addresses for withdrawing cryptocurrencies (scammers do not check the correctness of the information entered), and also find out the service commission.

At the end of July, the Central Bank of the Russian Federation announced growthschemes with "pseudo-cryptocurrencies". According to Valery Lyakh, director of the department for countering unfair practices of the Central Bank of the Russian Federation, a popular idea of ​​scammers is an offer to invest in the creation or expansion of the capacities of a "crypto farm". As an example of such schemes, Lyakh referred to the Internet project Artery Network.

Where is it more profitable to buy cryptocurrency? TOP-5 exchanges

For a safe and convenient purchase of cryptocurrencies with a minimum commission, we have prepared a rating of the most reliable and popular cryptocurrency exchanges that support deposit and withdrawal of funds in rubles, hryvnias, dollars and euros.

Site reliability is primarily determined bytrading volume and number of users. By all key metrics, Binance is the largest cryptocurrency exchange in the world. Binance is also the most popular cryptocurrency exchange in Russia and the CIS, since it has the largest turnover of funds and supports transfers in rubles from bank cards Visa / MasterCard and payment systems QIWI, Advcash, Payeer.

Especially for beginners, we have prepared a detailed guide: How to buy bitcoin on a crypto exchange for rubles?

Rating of cryptocurrency exchanges:

# Exchange: Website: Rating:
1 Binance (Editor's Choice) 9.7
2 Huobi 7.4
3 Exmo 6.9
4 OKEx 6.5
5 Bybit 6.3

The criteria by which the rating is set in our rating of crypto-exchanges:

  • Work reliability - stability of access to all platform functions, including uninterrupted trading, deposit and withdrawal of funds, as well as the period of work on the market and the daily trading volume.
  • Commissions - the size of the commission for trading operations within the site and the withdrawal of assets.
  • Additional features and services - futures, options, staking, NFT marketplace.
  • Feedback and support - we analyze user reviews and the quality of technical support.
  • Convenience of the interface - we evaluate the functionality and intuitiveness of the interface, possible errors and failures when working with the exchange.
  • final grade - the average number of points for all indicators, determines the place in the rating.

Fraudulent mining apps in the Play Market

Rate the publication