Google Apps ban: Delete cryptocurrency Bitcoin (BTC) Pool Mining Cloud Wallet app from your Android phone | Tech News

Google Apps ban: Delete cryptocurrency Bitcoin (BTC) Pool Mining Cloud Wallet app from your Android phone

Google Apps ban: You must delete this Bitcoin (BTC) Pool Mining Cloud Wallet app that may be on your smartphone? Google Play Store has banned it.

By: HT TECH
| Updated on: Aug 21 2022, 19:45 IST
Google Apps ban: Fraudsters dupe people into installing dangerous apps on their Android smartphones and one of these apps that hackers are using is called Bitcoin (BTC) Pool Mining Cloud Wallet.
Google Apps ban: Fraudsters dupe people into installing dangerous apps on their Android smartphones and one of these apps that hackers are using is called Bitcoin (BTC) Pool Mining Cloud Wallet. (REUTERS)

Google Apps ban - Bitcoin (BTC) Pool Mining Cloud Wallet: Cryptocurrency prices have started rising again, with just Bitcoin hitting the $50,000 mark recently. A number of other cryptocurrencies are in the spotlight too like Ethereum, Litecoin, and Bitcoin Cash. It is no wonder then that cryptocurrency mining has been gaining in popularity. However, many people are getting cheated of their money as over time, scammers have caught on to this trend and now they are harnessing this public interest in virtual currencies to target users. These fraudsters dupe people into installing dangerous apps on their Android smartphones and one of these apps that hackers are using is called Bitcoin (BTC) Pool Mining Cloud Wallet. The massive profit potential is making a huge number of people to dabble in cryptocurrencies without checking out the risk of losing all their money.

Bitcoin (BTC) – Pool Mining Cloud Wallet, as security research firm TrendMicro explained in a blog, is one of the eight malicious Bitcoin mining apps that it caught, which masquerade as cryptocurrency cloud mining applications wherein users can earn crypto by investing money into a cloud-mining operation. The security research firm upon analysis found out that these malicious apps trick victims into watching ads, paying for subscription services that have an average monthly fee of $15 ( 1,100 approx.), and paying for increased mining capabilities without getting anything in return.

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Now, here's a piece of good news. TrendMicro has reported all its findings to Google as this app was being hosted on Google Play Store and the tech giant has already removed it from its app store, which means it can no longer harm unsuspecting users. However, many people may have this Bitcoin (BTC) – Pool Mining Cloud Wallet app on their phones already. So, the danger is not over yet. What they must do now is, check whether they have it on their phone and delete it immediately as otherwise it will continue to harm them.

Also, the issue doesn't end there. Based on a report by Trend Micro Mobile App Reputation Service (MARS), more than 120 fake cryptocurrency mining apps are still being used by victims. So, be careful while downloading any Cryptocurrency-related app from the Play Store.

How to know if crypto mining app is fraudulent: 1. Read any app's review is a must for everyone. The fake apps will probably have been doctored by the fraudsters and will have many 5-star or 4-star ratings.2. This next point involves a very critical test. Enter an invalid or wrong cryptocurrency wallet address. If the app accepts it and performs follow-up operations, it is most probably fake.

3. Restart app or phone after mining starts, then the system will forcibly clear the counter, resetting it to zero.

4. Is the fake charging any handling fee? The transfer of cryptocurrency requires a handling fee and it is usually high. If withdrawals are free, it should raise suspicion.

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First Published Date: 27 Aug, 06:00 IST
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