More than a hundred thousand Android users have downloaded fake cryptocurrency apps

Google has removed 87 fraudulent apps from its Play Market app store that masqueraded as crypto-exchange and investment platform services. The fraudsters from Shenzhen and Hong Kong managed to deceive the moderation for some time, but eventually their scheme was revealed.

The fake crypto apps were submitted to Google Play by two fraudsters, who were later sued by the company. When one app was detected as a scammer and removed by moderators, a completely similar app would immediately appear in the service, but it was not similar in appearance and functionality to the previous one, although in fact it was the same scheme. According to Google, the duo used YouTube and text messages to promote their apps and lure future victims.

Apparently, Google Play moderation noticed the cycle, and after a while, 87 fake crypto apps were removed and the developers were blocked.

At the same time, fraudsters managed to deceive about 100 thousand users, each of whom lost from several to tens of thousands of dollars. To protect the interests of users and its reputation, Google sued these developers, spending $ 75,000 on legal fees.

The conclusion is that you should not trust anyone and do your best to secure your cryptocurrency portfolio.