8 Crypto Mining Apps Exposed as Fakes

Source: AdobeStock / fran_kie

Eight cryptocurrency cloud mining apps that pretended to supply crypto such as bitcoin (BTC) and ethereum (ETH) to customers in return for investments into cloud-mining operations have been just lately discovered to be fakes, tricking customers into watching advertisements and paying for subscription providers, according to a current report by US-Japanese cybersecurity agency Trend Micro.

The found malicious apps “trick victims into watching advertisements, paying for subscription providers which have a median month-to-month payment of USD 15, and paying for elevated mining capabilities with out getting something in return,” the corporate stated.

The group stated they’d reported their findings to Google Play, and that “the apps have been promptly faraway from the Play Store.”

The eight uncovered Android apps embrace:

  • 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

An evaluation of the pretend crypto mining apps demonstrated that they don’t present any precise crypto mining habits. Their pretend mining exercise on the apps’ consumer interface (UI) is carried out by means of an area mining simulation module which includes a counter and a few random capabilities, Trend Micro stated.

The agency’s evaluation exhibits that greater than 120 pretend cryptocurrency mining apps proceed to trick victims.

“These apps, which should not have cryptocurrency mining capabilities and deceive customers into watching in-app advertisements, have affected greater than 4,500 customers globally from July 2020 to July 2021,” in response to the agency.

Two of the uncovered apps are paid apps: Crypto Holic – Bitcoin Cloud Mining prices USD 12.99, whereas Daily Bitcoin Rewards – Cloud Based Mining System comes at a value of USD 5.99, in response to Trend Micro.

However, each free-of-charge and paid pretend mining apps generate considerably greater prices for his or her victims.

“Despite these apps not being related to cloud-mining operations or having any cryptocurrency-mining options, a few of these apps immediate customers to pay for elevated cryptocurrency-mining capabilities by way of the apps’ in-app billing techniques that vary from USD 14.99 to as excessive as USD 189.99,” the report says.

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About the Author: Daniel