Technology developments and cyberattacks are an inevitable duo, and the latest battle is between cryptocurrency and hackers. As everyone is getting on the cryptocurrency wave, some malicious apps have to come to light that is misleading users.
Google has identified eight such apps on the Play Store and indefinitely banned them. These apps are intended to lure innocent users into installing them on their phones. These apps use the "get rich quick" scheme to attract users into investing money in a "cloud mining service" and repeating profits.
None of those apps are associated with cloud mining operations or have any cryptocurrency mining features. Instead, they charge in-app purchases from users as high as US$14.99 to US$18.99. Despite having no mining features, these apps falsely convince users that they can maximize the mining abilities with an additional fee.
The eight apps banned by Google are:
While there are already speculations about the long-term survival of cryptocurrency as a legitimate investment and currency option, such apps advocate for the case of increased fraudulent activities. Those who are apprehensive about cryptocurrencies have another reason to stay against them. The prolonged existence of such apps will damage the reputation of the cryptocurrency market.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.