Cryptocurrency mining is all the rage these days and cryptocurrency mining services that bring you a small amount of profit for mining tasks seem like the way to go in a busy life. It makes even more sense from the comfort of your mobile phone, but don’t be fooled by the scam, as recently discovered. More than 170 Android apps, 25 of them on the Play Store, have been identified as scammers of users, acting as shells to collect money for services that are never actually provided.
This disclosure is courtesy of lookout security company They published their finding today about this clever scam to mislead users. These apps claim that they mine cryptocurrency in the cloud for a nominal fee that any user wouldn’t mind paying.
In reality, these apps do nothing and just pretend to be doing the hard work for you, mining cryptocurrencies. Since they are not malicious or harm the user’s device or steal confidential information in any way, these apps have gone unnoticed until now.
The application interface displayed a virtual dashboard showing the cryptocurrency mining rate and the amount of coins mined. However, when the application’s computer code is parsed with network traffic, there is nothing and the displayed coin balance is fake.
According to the security company, the displayed coin value increases slowly, and in some applications the value resets to zero when the device is restarted. To ensure that the user does not notice anything suspicious, withdrawals cannot be made immediately and can only be made when the balance reaches the minimum threshold.
Even if the threshold is reached, the withdrawal never happens as the application hangs in the cash withdrawal process or the currency balance is reset. So far, more than 93,000 people have been fooled by these apps and more than $ 350,000 paid for crypto mining services in the cloud that never happened in reality.
The fake apps on the Play Store were removed after the report, but the other apps are still available on third-party platforms. There is no way to remove these applications from these platforms, so users must be aware that they are not victims of this false agenda.