Scammers have created apps that appeared on Google Play, allegedly for mining XRP, Cardano and Tether. However, as experts at Fortinet have found out, applications imitate the process of mining coins and are created to broadcast advertisements.
Pseudo-miners show a random hash rate and a number of non-existent mined crypto money. When you try to transfer coins to a wallet, the application gives an error – “Error! Check your wallet address”.
The trick is that the mining takes place while the application is running. At this time, the user sees the advertisements, and the creators of fake mining applications make money.
According to ESET researcher Lukas Stefanko, an increase in the number of such fake applications was observed at the end of 2017 and in January 2018. In his opinion, their popularity increases during the crypto market recovery period.
Note that in June, Apple banned the placing of cryptocurrency mining apps in the App Store. A month later, Google Inc. has taken a similar step.
Last year the developer of ESET antivirus software discovered a pseudo-encoder malware, which requires a ransom for decrypting files, although it does not actually support the encryption feature.
ESET recommends that users ignore spam mailings and not follow links from suspicious emails, as well as protect the computer with comprehensive antivirus software.
Images downloaded from Fortinet.