Cryptocurrency is the hot topic right now, and people are more into investing in Cryptocurrency. You might have seen many posts and videos regarding investing in Cryptocurrency. Many people invest in Cryptocurrency, and there is nothing wrong with that.
But you should know about the cryptocurrency you are investing in. Not only do you need to know about the cryptocurrency you are investing in but also the app you are using to invest. Why so? Well, there are various cryptocurrency scam apps on Google Playstore that you may fall prey to if you are just beginning.
Lookout Threat Lab’s security researchers have pointed 170 cryptocurrency scam apps out of which 25 are available on PlayStore. These apps scam people of their money. These apps do not seem to do anything that triggers automated policy compliance. That’s the reason why these apps bypassed all the security checks on Google Play Store and were listed for users to download.
Google has removed the apps, but these may be just a few apps, while plenty of them may be still there on the Google PlayStore which are still undetected.
These apps charged users and claimed to mine cryptocurrency including Bitcoin and Ethereum. These cryptocurrency scam apps have a minimum deposit that you need to make to start investing in cryptocurrency.
Moreover, these apps claimed that users can withdraw the money when they reach the minimum threshold. But these apps didn’t allow users to withdraw money. These apps have a subscription plan to extract more and more money from users. All these apps do is extract money in return for false claims from these apps.
As per The Lookout Threat Lab, these cryptocurrency scam apps on Play Store may have scammed more than 93,000 people and extracted more than $350,000 from the people. Some of these apps are removed and many are yet to be removed.
Before you sign up for any cryptocurrency app, ensure you do your research. Read about the app online, read other people’s reviews, to know about the app whether it’s a scam or not. Never fall prey to these Cryptocurrency Scam apps on PlayStore.
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