Ethereum Android Google Play Store Scam Alert: $40K Stolen from Users

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.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


  1. I caught russians a couple weeks ago that. MAde a fake Google plus page with an amazing litecoin app…too good to be true turned out to be hackers.
    i reported to Google and the guy was super interested but I ask him to get back to me…i haven't heard starting to think they maybe are letting it happen…five years ago Google would have thanked me and been nice about it..they once did me a great service and it doesn't even feel like the same company anymore


Please enter your comment!
Please enter your name here


Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Tezos (XTZ) Trying to Hold on to the ATH Gains as Crypto Market Runs Red

Today, crypto streets are running red with losses The cryptocurrency market had a bullish start of the week when bitcoin breached the $12,000 level...

Bitcoin Bulls Must Defend $11,000, We’re Not Out of the Woods Yet

After yet another failed attempt at $12,000, Bitcoin fell to $11,100 yesterday in a multi-asset correction. As we reported, this has been a bond...

Russian Monitoring Agency Develops Blockchain Analysis Tool To Track Bitcoin And Monero

A report from local news channel RBC confirmed on Tuesday Russian intelligence unit, Rosfinmonitoring, (Russia’s Federal Financial Monitoring Service), has proposed a cryptocurrency monitoring...

Bitcoin & Gold Crashes as S&P 500 Races towards All-Time High

After making a bullish start of the week, by surging past $12,000 only to drop, bitcoin is continuing its descent. The largest digital asset...

With A Troubled Past, Are Cryptocurrency Cards Worth the Risk to Push Adoption?

Crypto debit cards were looked at as the next big move for broader crypto adoption and involvement of mainstream players like Visa in the...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today