How To Spot & Avoid Fake Cryptocurrency Apps

How To Spot & Avoid Fake Cryptocurrency Apps

In the past two weeks, the price of Bitcoin has skyrocketed again, this of course has brought other cryptocurrencies to also experience an increase. Not surprisingly, some people might be tempted to find applications related to cryptocurrencies and take more advantage of mining applications or mining crypto money.

However, several cases were found, according to the TrendMicro cybersecurity report, this mining application carries malicious programs (malware) of the type “AndroidOS_FakeMinerPay” and “AndroidOS_FakeMinerAd”.

The two malware trick users into paying US$15 per month for a subscription service and increase their mining capabilities which will then be doubled.

In fact, based on TrendMicro’s search, users will never get this advantage. This means that cyber criminals use this application only to commit fraud. Interestingly, one of the apps that was blocked was BitFunds – Crypto Cloud Mining. This is one application that is quite popular because it has been downloaded more than 100,000 times.

Avoid Fake Cryptocurrency Apps

The Fake Cryptocurrency Apps

After being designated as dangerous apps by TrendMicro, Google removed several cryptocurrency mining apps from Google Play Store. According to some sites, there are some Fake Cryptocurrency Apps have been blocked from the Google Play Store, like Bitcoin Miner, Bitcoins 2021, MineBit Pro, and many others.

Even though it has been removed from the Play Store, these various dangerous applications are thought to still be able to carry out their actions if they are installed on the user’s cellphone. So, it’s a good idea to remove these applications as soon as possible for users who have downloaded these applications.

To avoid fraudulent applications, TrendMicro includes several characteristics of applications that have indications of fraud, following the fraudulent actions carried out by these fake crypto currency appsPool Mining Cloud Wallet:

  • A popup appears to start mining after watching a video ad in the application.
  • Users are asked to click on advertisements during the fake mining procedure to confirm that they are not robots.
  • Users are asked to click on ads to increase mining speed.
  • Notifications appear if they invite several friends to install, cryptocurrency withdrawals will open.
  • The application will always display a request to withdraw cryptocurrency in a waiting state.

According to the Trend Micro Mobile App Reputation Service (MARS), there are around 120 fake crypto currency apps that remain online, and you should be aware of them. For an additional layer of protection, we also highly recommend to use a VPN. You may use VPN to access Binance US while doing your trading activities. With it, you can trade with more safety by using a safe and secure connection.

The Fake Crypto Wallets

A fake bitcoin wallet application turns out to be circulating on the Google Play Store. Instead of getting a profit, the money put in this wallet will actually disappear. This wallet claims to be able to pocket not only bitcoin, but also other cryptocurrencies.

Based on this report that appeared in a forum on the discussion site Reddit, it was noted that there were two fake wallet applications, Ada Cardano Crypto Wallet and All Crypto Currency Wallet. This bitcoin wallet is needed so that the bitcoins earned can be spent or traded.

“Both uploaded by the developer CryptoWallmart and have been downloaded 100 and 500 times respectively,” Avast stated in a press release.

Cardano Crypto Wallet lures its downloaders to convert their crypto money to Cardano cryptocurrency. Cardano itself is another new cryptocurrency system. Meanwhile, the All Crypto Currency Wallet is a wallet that can store various cryptographic currencies. The developers even provide phishing links for their users.

The developer provides users with a link to exchange their cryptocurrency at attractive rates to Changelly. For each user who exchanges money, the developer will get a gratuity from Changelly.

The popularity and price of cryptographic money which is increasingly considered valuable makes crime develop around it. Previously, it was also reported that there had been various kidnappings asking for ransom in bitcoins.

To prevent fraud like this, there are several things consumers can do. One way is to make the official app store the only place to download apps.

Second, make sure the application is made by a trusted developer. The easiest way to do this is to directly check the developer’s name, and see whether their websites actually legit or not. 

Avoid Fake Cryptocurrency Apps

Best Ways to Avoid These Fake Apps

To help find fake apps here is what to do. First, check comments left by users. You could easily find one user review that mentioned, “This app is a scam. It’s easy to use and doesn’t heat up your phone, because it doesn’t do anything.”

Another way to spot fakes is to restart the app or phone while it’s in the process of “mining”. Most fake mining apps have a fake counter that will restart from zero if it is killed in the middle of the “mining” process.

Users can also enter fake or invalid cryptocurrency wallet addresses. If the app accepts it and allows it to continue performing operations, it is most likely fake.

And if no fees are charged for cryptocurrency withdrawals, your suspicions should be raised. Transferring cryptocurrencies usually comes with high handling fees which means free withdrawals are suspicious.

Masab Farooque
Masab Farooque is a Tech Geek, Writer, and Founder at The Panther Tech. He is also a lead game developer at 10StaticStudios. When he is not writing, he is mostly playing video games