06/02/2022 By RuneLite
OVER 170 scam cryptocurrency mining apps have been spotted by security researchers.
All of them are Android apps and 25 were spotted on the Google Play Store.
25 of the apps were found on the Google Play Store
A detailed report from Lookout listed all the malicious crypto-mining apps.
Those spotted on the Google Play Store have now been removed.
However, Android users who may have already downloaded them should check the list below.
The apps don't actually mine for cryptocurrencies like Bitcoin but they will take you're money.
Scam Android cryptocurrency mining apps
Security researchers are advising that you delete these apps...
Bitcoin Blast Pro
BTC CLOUD MINING
BTC HASH BLAST
CLOUD COIN MINING
crypto cloud mining pro
Crypto Money Inc
HONEY BEE MINER
Midcoin Cyripto Mining
Ripple Miner (XRP)
If you've downloaded one of the above apps then you're advised to delete it straight away.
The Lookout Threat Lab researchers explain on their blog: "The apps’ entire raison d’être is to steal money from users through legitimate payment processes, but never deliver the promised service.
"Based on our analysis, they scammed more than 93,000 people and stole at least $350,000 between users paying for apps and buying additional fake upgrades and services."
The security researchers separated the apps into two categories called BitScam and CloudScam.
All the apps charge for offering fake cloud cryptocurrency mining services.
However, the apps put in the BitScam category accept Bitcoin and Ethereum as payment options.
Most of the apps would charge upfront costs and try and charge for extras.
Users were told they couldn't withdraw earnings until they reached a certain money milestone but even if they did reach this, the apps would then show an error message.
The Lookout blog explains: "Similar to BitScam, CloudScam apps offer options for users to earn more coins at an increased rate, such as “upgrading” to a subscription plan with lower minimum withdrawal balance and higher mining rates, referring friends and earning “20%” of their friend’s earnings, and daily rewards.
"None of these options will earn users coins. Instead, they result in generating more revenue for the scammers behind these apps."
What is Bitcoin?
BITCOIN got you baffled? Here's what you need to know:
Bitcoin is a virtual currency
It's traded between people without the help of a bank
Every transaction is recorded in a public ledger, or "blockchain"
Bitcoin is created by mining
Mining involves solving difficult maths problems using computer processors
Bitcoin can be traded anonymously, which can make it a popular way of funding illegal activities
The value of Bitcoin fluctuates wildly
Bitcoin is one of many different cryptocurrencies, but by far the most popular
Bitcoin trader spend £500,000 worth of crypto on Domino's pizza back in 2011
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