Check your phone for scam cryptocurrency apps that steal your money

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The pandemic has changed many aspects of our daily lives. Many people continue to work or go to school from home, and online retailing is still booming.

While some have chosen hobbies and learned new languages, others have taken to investing. Cryptocurrency was an attractive option during the pandemic as fears of government restrictions on traditional stock trading emerged. Social media has thrown their hat in the ring, pushing more people into crypto. Tap or click here for Kims’ crash course in digital currency.

It’s a sad truth that any popular activity involving money will attract bad actors and crypto is no exception. Scammers work hard to get your money and you need to be vigilant.

Bad applications

Security research firm Lookout has found over 170 Android apps masquerading as crypto trading services and scamming people with money. The apps promised cloud-based crypto mining services in return for payment, but no mining was done.

The apps used familiar payment methods like the payment service built into the Google Plays app and even accepted Bitcoin and Ethereum. The report shows that $ 350,000 was stolen between 93,000 people.

The money came from purchases of the app itself ($ 300,000) as well as up-sales for more features and services ($ 50,000). Google removed the apps from Google Play, but not before the damage was done.

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https://blog.lookout.com/lookout-unearths-android-crypto-mining-scams

Some of the fraudulent apps are: Mining Machine, Cloud Mining, Black Crypto || Pro Miner, Moon BAT, BITO HASH, Bito Holic, BTC Cash, Bit Pro Miner and MR Bitcoin.

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BitScam and CloudScam

Lookout has divided the apps into two groups: BitScam and CloudScam. They both promise cloud mining services, in which users rent cloud mining computers rather than contribute theirs, taking a share of what gets mined. CloudScam apps offered upgrade plans, referral bonuses and daily rewards to bilk users for more money.

Search

https://blog.lookout.com/lookout-unearths-android-crypto-mining-scams

BitScam applications offer additional virtual hardware to users, increasing their shares. The price here ranged from $ 12.99 to $ 259.99.

Apps mimic legitimate cloud mining services that offer apps to their users. Scam apps show hash extraction rates and coins earned, but it’s all smoke and mirrors. The numbers mean nothing at all.

Search

https://blog.lookout.com/lookout-unearths-android-crypto-mining-scams

Be careful

Use the same caution with crypto apps as you do with others. Do your research, read the reviews, and contact the company if you can. If you have a hard time doing any of these things, stay away.

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