Crypto News

How Ethereum Scam App Enters Into Google Play Store for Android Mobiles

In a shocking development, the Ethereum scam app has found a place in Android’s Google Play Store recently. The malware was spotted a few days ago by Lukas Stefanko, which is a research firm on malware based in Slovakia. It’s a new way to convince users about the genuineness of the product. Until now, hackers or cybercriminals have either hacked different digital coin exchanges or tried to mine various virtual assets with the help of secret software.

Pricing of the App

What was most intriguing to investors and traders was the pricing of such malware on Google Play Store. The research firm pointed out that the fraudulent Ethereum application carried a price tag of Euro 335 or approximately $388, cointelegraph.com reported. If any of the apps are available in either Apple’s App Store or Google’s Play Store, it would be treated as a genuine or trustworthy one. However, the latest move is belying such opinion.

In a recent tweet, the research organization has pointed out that the app available in Google Play Store is not the same as the original from the staple of Ethereum. This is interpreted as discovering the event as nothing but a crypto scam. The aim of such cybercriminals is to defraud users through the mimicking of the original altcoin. Interestingly, the price of Ethereum is worth about $286 gaining 0.71 percent during the last 24-hour period.

Stefanko tweet has demonstrated the fact that the scam application has managed to build up more than 100 installs after the last update happened in August last year. The tweet has described the scam as “just an Ethereum” through Google translate, and it was created by “Google Commerce Ltd.” This is a duplicate and fraud name whereas the original developer name of the Google-backed app is “Google LLC” though it is not available on Google Play Store currently.

Interestingly, the search engine giant has been taking steps to curb activities connected with the digital currencies either directly or indirectly. The company has also banned ads that promote virtual assets in its site since it wanted to protect investors’ interests. However, the latest news is a big thorn in its credibility despite having a strong monitoring system in its place.

Mining Apps Banned

Nearly a month ago, Google slapped a ban on mining apps for any digital currencies on its Play Store. However, the play store allowed remote mining applications. Aside from this, there were also several illicit apps such as JSEcoin that still finds a place in the play store. The search engine clarified that it exists because there is 30 days time limit to comply with the policy changes.

This is not the only thing as in April too; the company declared a ban on mining extensions from its web store. The company also extended the ban to other browser extension to mine digital coins. Similarly, in March, the company took the extreme action of banning ads, and that affected the overall cryptocurrency markets.

About the author

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Andrew Romans

Andrew Romans is a Silicon Valley-based venture capitalist at 7BC.VC and Rubicon Venture Capital as well as an author of two top-10 books on Venture Capital on Amazon and Masters of Blockchain.

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