Fake Android Crypto Mining Apps Stole $350K From 93K Victims

Fake android crypto mining apps stole $350,000 from 93,000 victims according to the reports by the San Francisco-based company Lookout that detected the 172 fake apps as we can see more in our latest cryptocurrency news today.

The cybersecurity firm Lookout detected plenty of crypto mining scams employing hundreds of fake android crypto-mining apps and the fraudulent scheme affected about 93,000 people and stole more than $350,000 from them. According to the reports, the security company discovered 172 fake applications meant to be used for digital assets mining and the apps turned out to scam 93,000 victims and embezzled $350,000 from them. The applications were categorized into two sections, CloudScam and BitScam. The bad actors designed them to target people interested in crypto. BitScam and cloudScam advertised mining operations for a fee to the clients but the apps did not provide the services and pocketed the victim’s money but what’s more, the apps displayed fake minimum account balances to delute all users:

“These apps were able to fly under the radar because they don’t actually do anything malicious. They are simply shells set up to attract users caught up in the cryptocurrency craze and collect money for services that don’t exist.”

Lookout revealed that 25 out of the 172 fake apps were available for download on Google Play and the cybersecurity firm launched a combined initiative with Google to remove the applications from the platform but the cybersecurity firm warned that hundreds of them are available for download on the app stores. About the case of Teresa Jackson, a retired teacher from Portishead Somerset got impressed by a BTC investment plan advertised on Instagram and started contemplating whether to place some of the funds in it. Right after entering the project, she was contacted by an individual who claimed to be a financial advisor with knowledge of BTC. The man sounded trustworthy and persuaded Jackson to invest $120,000 which was her entire pension and life savings.

She sent the money and tried to check what happened with the investment but there was no answer from the “advisor.” She said:

“I felt embarrassed and stupid. My family trusted me to know what I was doing. I am on Universal Credit now, simple as that. I’m comfortable but I can’t have the life I used to have.”