With any investment, there is always the potential for scam and risk.
So, it pays to be cautious, especially when it comes to cryptocurrency, rife with issues.
If you’re aware of what you’re doing, you can reduce that risk.
Some Investors Learn the Hard Way
Lukas Stefanko, a malware researcher from Slovakia, found a fraudulent “Ethereum” application on Google Play that had been allegedly offered for purchase for about $388.
Thinking the app offered actual ETH coins, investors downloaded about 100 times.
Unfortunately, they never got ETH coins. Instead, they lost every penny. A company called Google Commerce Ltd allegedly bilked $39,000 from the scam that offered to sell users one Ether token for every download. But upon download, unsuspecting users didn’t receive any coins. Instead, all they received was an image of an Ethererum logo.
This scam went on for quite some time. Eventually, the app was taken down after defrauding the naive out of nearly $40,000.
Scam with Fake Reviews
As this was all taking place, the app got about 22 reviews that sang its praises.
In fact, the app got four and five star reviews.
Google has since dissociated itself from the app. But the question on every one’s mind is how did it get into the Google Store to begin with. Up until today, no one knows who listed it.
Google Play Store Scam
Of course, the actual Google has been on the war path to now protect Play Store users from malicious apps that are capitalizing on naivety of cryptocurrency investors. The good new is that since the alarm was sounded, the app has been removed from the Play Store.
To help, Google did ban cryptocurrency mining apps following this issue. But perhaps they didn’t try hard enough.
Some are still making it through.
One such example is JSEcoin, a British blockchain startup working on browser-based mining solutions as an alternative stream. In fact, the company successfully rolled out its mobile app to the Play Store. It came with functionality to manage your mining efforts remotely or by phone.
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