Researchers from Lookout say more than 93, 400 Android users so far have been the victims of fake cryptomining apps on the Google Play Store, with the scammers having made a combined revenue of at least $350, 000, according to Threatpost
Lookout’s report details the scammers’ method of luring victims into downloading paid cryptocurrency mining service apps, categorized as “BitScam” and “CloudScam,” which they claim perform cloud mining or rent cloud computing power to mine cryptocurrency, instead of the more common contribution of hardware and electricity to participate.
“They are simply shells set up to attract users caught up in the cryptocurrency craze and collect money for services that don’t exist.” A researcher said.
The scammers also charge extra money for additional services, using Bitcoin or Ethereum cryptocurrencies transferred directly to their wallets or through Google Play’s in-app billing services.
The reporters identified 25 of the apps on Google Play Store and 145 in third-party app stores, for a total of 170 apps, and though the Google Play apps have since been removed, victims continue to be scammed through apps that remain available through side-loading.