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Cryptocurrency Scam App Show Up On Google Play Store, Tricking Users To Thing They Are Buying Ethereum

A malware researcher, Lukas Stefanko found a cryptocurrency scam app on the Android Google play store. The cryptocurrency app is said to be targetted towards Ethereum users as revealed on a Twitter post on the 20th August. Unfortunate, the app has gotten a sizable number of downloads, but it’s not yet clear if there has been any loss of investors funds other than the cost of purchasing the app until now.

The Ethereum Scam App

Lukas Stefano, a Slovakian malware researcher, revealed his finding of an Ethereum scam app through a twitter post on the 20th of August 2018. The post read:

“Buying Ethereum app is not the same as buying Ethereum. Scam app for €335 only displays ETH logo.pic.twitter.com/msBYiT7Gqq.”

Funny enough, the app is reportedly sold for €335. It’s supposed to trick those who are a novice to how cryptocurrency works in believing they are purchasing the Ethereum cryptocurrency for that cost.
This occurrence adds to the number of cryptocurrency related scams by those who upload malicious or useless apps on platforms such as Google play store and Apple store.

Reaction Of the Community To the Scam App

As usual, there was an outburst by the community, with many highly disappointed with the news and most especially how Google and likes are approving these apps on their platforms.
Out of countless responses by the community, a tweet worthy of mention is by a twitter user who blames people saying,

“People need to read up on cryptocurrency before they decide to put any money into it. Would avoid situations such as this.”

Another user says,

“I don’t even see the developer details on the phone. But no it wouldn’t make sense unless it’s legal to have it there?”

The Google Play Store Role

While the trend of malware apps and scam apps has been increasing on the Google play store, the tech firm has a role in beefing up its measures in stopping the increase. Though measures have been put in places such as banning crypto mining apps on its platform in July and also prohibiting cryptocurrency and ICO related ads in April, there has not been strict compliance to its new policy, as scam apps are still found on the platform. However, a 30 days policy given by Google for apps to comply with its change of policy is still ongoing.

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