Fraud Cryptocurrency Apps On Playstore To Profit On Bitcoin Price

 The trusted play store from Google has recently been caught hosting some fraud cryptocurrency apps to trap android users.

These fraud apps reportedly focused and lured the users who showed interest in cryptocurrency.

Researchers with the help of security provider ESET found two fraudulent applications on the play store.

Both these are developed as mobile wallets.

One of them is known as Coin Wallet, while the other is named as Trezor Mobile Wallet.

The Coin Wallet claims to let the users create a wallet for various cryptocurrencies, while it aims to trick the user into transferring the cryptocurrency in his account. The researcher and blogger, Lukas Stefanko, wrote in his blog post. According to Lukas, it is the case of wallet scams.

The app was available on play store from February 7th to May 5th, and the app was installed for at least 1000times.

Trezor Mobile Wallet, on the other hand, tried to copy the famous cryptocurrency wallet Trezor.

The researchers were surprised to see the work done by the fraud app developers. The reason being, everything on the app looked legitimate, and above all, Trezor Mobile Wallet would appear on the second number when we search for Trezor.

The Trezor, however, was easy to recognize as a fraudulent app upon installing. Because up-on installing the wallet would show a completely different logo, and it also showed the popups with words,’Coin Wallet’.

This app was downloaded only 50 times, as reported by a Reddit user. The app was launched on play store on May 1, and according to a Reddit forum, the application was marked and spotted as fake on May 12.

The common factor?

Both these apps connected to the same coinwalletinc[.]com domain and both the apps have been taken down by Google.

As per experts, it happened due to the price of bitcoin surged earlier this month and broke all the records since last year.

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