Key Takeaways
- Google removes eight fraudulent cloud mining apps from its Play Store
- This development comes after a report from cyber security firm Trend Micro
- More than 120 fake crypto-mining apps are available on the web
This development comes after cyber security firm Trend Micro published a report detailing the growing trend of fake crypto cloud mining applications.
According to the report, these fraudulent applications lured victims with the promise of earning money from cloud mining before introducing subscription fees for their services.
Once the victim pays the fee, they end up getting nothing from the cloud mining applications.
Trend Micro noted that eight of the 120 applications detected were available on the Google Play Store.
The firm added that it had reported its findings to Google, who subsequently removed the apps from its Play Store.
However, Trend Micro also added that despite these efforts, tons of applications have dodgy reputations that are still on Google Play Store.
Cloud mining is a phenomenon that has gained popularity in recent years. It proposes a cost-effective method for users to join crypto mining since they pay subscription fees to mining companies.
These companies use the funds to maintain mining operations and, in turn, pay monthly interests to investors.
However, there are only a few legit cloud mining platforms, and most of the platforms online are clones.
These clone apps claim to offer different mining capabilities that can be accessed after users click on ads and watch specific videos.
Some apps also mandate users to invite friends to download the app before they can withdraw funds mined.
This growing trend has led to concern from cyber security firms, and Trend Micro report suggests that the concerns are valid.
Have you downloaded a fraudulent crypto mining app? Leave a comment below.
