This enhances the interest of innocent people and it proves to be an excellent opportunity for hackers to lure them into downloading their malicious apps containing adware and malware on their smartphones. These hackers promise huge sums of money in return for small investments. Needless to say, the innocent people who pay the money, never see any given back to them. These kind of cheating apps has led to a huge number of people being deprived of their money
Google banned this app after it was found that it was luring people interested in making huge sums of money from cryptocurrencies. People’s interest in cryptocurrencies and blockchain, which is the technology behind digital currencies, has been peaking ever since tech titans including Tesla CEO Elon Musk and Twitter and Square founder Jack Dorsey started talking about it out in the public. Just yesterday a report has said that cryptocurrency Bitcoin is going to double in value. Bitcoin’s price is not even $50,000, and it is being predicted that it will hit $100,000 mark very soon and $175,000 in the near future.
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Fortunately, a security research firm Trend Micro detected this malicious Bitcoin-based app that was defrauding innocent Android smartphone users.
However, upon analysis, Trend Micro discovered that the app called Bitcoin Rewards – Cloud Based Mining System was not only tricking victims into watching ads, paying for subscription services that have an average monthly fee of $15 ( ₹1,103 approx.), but it was also making them pay for increased mining capabilities without getting anything in return.
The security research firm in its blog post said that an Android app present on Google Play Store and available for downloading called ‘Daily Bitcoin Rewards – Cloud Based Mining System’, was masquerading as a cryptocurrency cloud mining application wherein users could earn cryptocurrency by investing money into a cloud-mining operation.