The improvement of the status of cryptocurrencies, especially Bitcoin, has set the scene for fraud and abuse recently. Some existing applications in Google play have been developed to defraud advocates, and the curious in the field of cryptocurrencies, and they have abused Android users. Two digital ledgers were among applications which took measure in defrauding users.
A Cryptocurrency Fraud in Google Play
One of the applications which have done malicious activities in Google Play is called “coin wallet.” This fake application lets the users create wallets for exchanging different cryptocurrencies. Apparently, this application helped every user in generating a wallet address to have the ability of storing cryptocurrencies in their wallets exclusively and personally, but in fact, there were 13 wallets for each cryptocurrency that each user joined one of these wallets for each cryptocurrency he/she considered; To speak more accurately, all the users get access to a shared wallet after selecting a specific cryptocurrency, and about 13 different cryptocurrencies were covered in this application that the wallet of no one is generated especially and exclusively. The purpose of the coin wallet is to direct the users to the hackers’ wallets. These types of malware are called scam wallets. This application was available from February 7th, 2019 to May 5th in Google Play, and had been downloaded about a thousand times during its activity.
Scams in the World of Cryptocurrencies
“Trezor mobile wallet” is one of the other undesirable applications offered in Google Play and alleged offering digital wallet services. This program had been designed in a way that directed the users to login data which was managed by some website developers, and the users’ data were abused. This application was among ledgers and scam wallets which looked fully legal and legitimate. Since images, program developer’s name, explanations, and application description look absolutely legal. Moreover, after searching for the wallet, trezor appeared as the second search result for the users. As a result, it was hard to understand its fakeness.
Google’s Measures in Combatting Cryptocurrency Frauds
After it was disclosed that the mentioned applications were abuse and scam, Google has deleted both applications from Google Play. It seems that with the exponential growth of cryptocurrencies value, these types of scams will bloom more than before. Google Play and similar infrastructures should pay more careful attention in this regard. In fact, more serious and complex mechanisms are required to avoid abuse in the world of cryptocurrencies. Each new technology creates numerous opportunities for scamming that passing them is like being accepted in the test of accuracy and precision of that technology. Will cryptocurrencies and Blockchain be safe against scammers and hackers?
Sunday, June 2, 2019 5:21:00 AM