Skip to Content
© lupmotion | Dreamstime.com
News

170 crypto scam apps spotted stealing money – See the list

The pandemic has changed many aspects of our daily lives. Many people continue working or going to school from home and online retail is still booming.

While some picked up hobbies and learned new languages, others got into investing. Cryptocurrency was an attractive option during the pandemic, as fears of government restrictions on traditional stock trading arose. Social media threw its hat in the ring, driving more people towards crypto. Tap or click here for Kim’s crash course on digital currency.

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

Bad apps

Security research firm Lookout found more than 170 Android apps posing as crypto trading services and scamming people out of money. The apps promised cloud crypto mining services in exchange for payment, but no mining was done at all.

The apps used familiar payment methods such as Google Play’s in-app payment service and even accepting 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 upsells for more features and services ($50,000). Google removed the apps from Google Play, but not before the damage was done.

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

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

Looking to travel and see the world again? You don’t need to be into crypto to be targeted by scammers. Tap or click here to learn about this cheap airfare scam.

BitScam and CloudScam

Lookout divided the apps into two groups: BitScam and CloudScam. They both promise cloud mining services, in which users rent cloud mining computers rather than contributing their own, taking a share of what’s mined. CloudScam apps offered upgrade plans, referral bonuses and daily rewards to bilk users out of more money.

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

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

The apps mimic legitimate cloud mining services that offer apps to their users. The scam apps show hash mining rates and earned coins but all of this is smoke and mirrors. The numbers don’t mean anything at all.

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

Stay safe

Exercise the same caution with crypto apps as you do with any others. Do your research, read reviews and contact the company if you can. If you find it hard to do any of these things, stay away.

Keep reading

Warning: Scammers are sending out fake gadgets to steal your money

Phony investment apps that are waiting to steal your hard-earned money

New eBook: ‘Cryptocurrency 101’

Don't want to lose your dough to crypto? Check out my new eBook, "Cryptocurrency 101." I walk you through buying, selling, mining and more!

Check it out