August 23, 2021 11:01 UTC
August 23, 2021 11:01 UTC
Internet security company Trend Micro has detected more than 120 deceptive cryptocurrency mining applications online. Some of them were found in the Google Play store, and the network quickly removed them. However, there are still many “constant type applications” in the store, and “some of these applications have even been downloaded 100,000 times.”
Trend Micro detects 120 deceptive cryptocurrency mining applications
Trend small, a multinational network security software system company, released a report warning that deceptive cryptocurrency cloud mining applications lure victims to view advertisements and pay for subscription services. The company wrote:
“We recently discovered 8 deceptive mobile apps that pretend to be cryptocurrency cloud mining applications…Users can earn cryptocurrency by investing cash in the cloud mining business.”
The names of these applications are Bitfunds, Bitcoin worker, Bitcoin (BTC)-Pool Mining Cloud wallet, Crypto Holic, Daily Bitcoin Rewards, Bitcoin 2021, Minebit Professional, and Ethereum (ETH)-Pool Mining Cloud.
Trend Micro explained that these malicious applications “tempted victims to view advertisements, pay an average monthly fee of $15 for a subscription service, and pay for exaggerated mining capabilities, but they didn’t get anything in return.”
The company said, “Based on our findings on Google Play, these applications will be immediately removed from the Play Store.”
Despite this, the cybersecurity company mentioned that viewing the keyword “cloud mining” on Google Play would still generate “many similar apps”, adding that “some of these apps have even been downloaded 100,000 times.”
Quoting data from the company’s mobile application name service (MARS), Trend small explains in detail:
“More than 120 fake cryptocurrency mining apps are still online. From July 2020 to July 2021, these apps that do not have cryptocurrency mining capabilities and trick users into viewing in-app advertisements have affected 4,500 users worldwide.
The company said: “Our investigation also found that many of these fake crypto mining applications motivate their users to click on ads instead of urging them to buy inflated computing power.”
The company stated that some applications, such as Bitcoin (BTC)-Mining Pool Cloud Wallet and Bitcoin 2021, contain malicious options with interfaces flooded with advertisements. The system will prompt the user to click on the ad to prove that the user does not appear to be a robot, and is told that once they view the video ad in the app, they will start mining. They were also “telled to view in-app video ads to increase mining speed.”
The company mentioned that some apps require users to “invite many friends to transfer apps to unlock the withdrawal interface”, adding:
“However, even if users are able to invite friends and unlock the withdrawal interface, they cannot withdraw cryptocurrency from the app because it is usually in a state of extreme waiting.”