Which Crptocurrencey Mining App On Google Play Really Pays Out

Android users must check out reviews on Google Play before downloading apps.

The BitFunds – Crypto Cloud Mining app was even downloaded over 100,000 times on Google Play app store.

News18.com
Last Updated:August 23, 2021, 11:54 IST
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Google has removed eight apps from the Google Play app store for masquerading as cryptocurrency cloud mining applications. Discovered by security firm Trend Micro, these eight apps promised users to earn cryptocurrency by investing money into their cloud-mining operation. The company spotted that the malicious apps only tricked victims into watching ads and pay a subscription of $15 (approx Rs 1,110) for increased mining capabilities. The eight apps removed from the app store include BitFunds – Crypto Cloud Mining, Bitcoin Miner – Cloud Mining, Bitcoin (BTC) – Pool Mining Cloud Wallet, Crypto Holic – Bitcoin Cloud Mining, Daily Bitcoin Rewards – Cloud Based Mining System, Bitcoin 2021, MineBit Pro - Crypto Cloud Mining & BTC miner, and Ethereum (ETH) - Pool Mining Cloud.

In a blog post, the security firm notes that two Android apps were needed to be purchased on Google Play in order to use; Crypto Holic – Bitcoin Cloud Mining cost $12.99 (Rs 1,000) to download, while Daily Bitcoin Rewards – Cloud Based Mining System cost $5.99 (Rs 500). The BitFunds – Crypto Cloud Mining app was even downloaded over 100,000 times. Trend Micro notes that the eight discovered apps were detected as AndroidOS_FakeMinerPay and AndroidOS_FakeMinerAd. The fake mining activity on the apps' user interface (UI) was carried out via a local mining simulation module that includes a counter and some random functions. In the blog post, the company explains, "one of these apps' terms of use states that the app is merely a game that does not have any cryptocurrency-mining functionality. Hence, it will not be obligated to issue cryptocurrency payments to its users. It also does not guarantee a firm return for any virtual goods and features purchased in the app."

We recently discovered 8 deceptive mobile apps that masquerade as #cryptocurrency cloud mining applications where users can earn cryptocurrency by investing money into a cloud-mining operation.Here's our report: https://t.co/g9ctTfA7e3

— Trend Micro Research (@TrendMicroRSRCH) August 18, 2021

The security firm adds that the volatility of the cryptocurrency market is not only risky, but those interested in mining cryptocurrency must also be aware of the fraudulent cryptocurrency-mining apps. It is advised to download apps from trusted third-party developers or at least view the company's webpage (usually available on Google Play listing) to check their authenticity. Additionally, reading reviews of the app is also a good practice. Cryptocurrencies are enjoying massive popularity, as the popular e-coin Bitcoin even touched a price tag of $63,729.5 (approx Rs 47,34,000) per coin earlier this year.

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