Scam Alert: $40K Swindled from Android Users in Ethereum App Scam
Creative users have flooded the cryptocurrency sphere. Unfortunately, the number of scammers who are creative are just as high as those who are legit. Innovation in scamming has created some unforeseen problems which steal money from people daily. Recently, one was pointed out that took advantage of Android users. The scam was pointed out by Lucas Stefanko, a cybersecurity researcher who noticed a strange app on the marketplace.
The new app claims to sell Ether for a little over $100 more than the current market price. Unsuspecting users purchased the app thinking they were buying Ethereum, not realizing the app was a pure scam that stole money from them. They didn’t know that purchasing the application was not the same as purchasing Ether. It’s a high price to pay for unsuspecting users who thought they were getting an easy way to acquire the cryptocurrency. All it really turned out to be was a worthless logo of Ethereum and the theft of roughly 335 Euros from buyers.
Another strange thing about the app is that it was operational for more than a year before anyone noticed it. By the time it was taken down, there was reportedly close to $40k stolen throughout the lifespan of the scam.
There were even 22 reviews posted on the app, fraudulent of course, all with four or five stars. Google made it clear the app was in no way associated with them, and that they would never have anything to do with an app of this nature. Unfortunately for their tech team, there is a rumor they may have unknowingly helped the scammer app get listed on the Play Store. Even though, they’ve denied any accusations, many still believe they played some role in its development. Yet, as it is now, no one knows for sure who developed or listed the app, there is an apparent investigation underway to determine who it is.
Scams on Google’s Play Store related to Cryptocurrency isn’t new. They’ve been continuously attempting to restrict anything related to cryptocurrency without much success, more so for those used for cryptocurrency mining. But, at the time of this writing, mining apps, as well as others, are still available for download and purchase, regardless of the desire to remove them by Google.
One of the apps, JSECoin a desktop-based mining app for mobile crypto management was proved to be a fraud but somehow made it passed Google’s security team. Google’s team claims they’ve been watching out for apps of this nature, but there are just too many apps surfacing at this time for Google to do anything about it. Many people speculate to the readiness of Google or if they are actually doing all they can to stop fraudulent apps from appearing in the Play Store, especially since there are signs of the company accepting tokens for payments.
Is Google doing everything they can to stop cryptocurrency fraud from happening? Tell us your opinions on the matter in the comment section below.