"Lookout Discovers Cryptomining Scams Targeting Tens Of Thousands Of Victims Using Hundreds Of Android Apps"
Researchers at the integrated endpoint-to-cloud security company Lookout identified more than 170 Android apps being used for cryptocurrency mining scams. These apps are categorized into two Android app families, BitScam and CloudScam, and have swindled over 93,000 victims. Only 25 of the apps were available for download on the Google Play store. The BitScam and CloudScam apps were claimed to provide cloud cryptocurrency mining services for a price. The analysis of the apps found that they do not actually perform cloud cryptocurrency mining. The scammers behind the apps took the money spent on them and upgraded without delivering any of the advertised services. According to the researchers, the apps allowed scammers to steal a total of over $350,000 from victims. Ioannis Gasparis, a mobile application security researcher at Lookout, said the apps were able to go undetected because they do not perform malicious activities. The apps were instead used as shells to attract users interested in cryptocurrencies and collect money paid for nonexistent services. Google has now removed the BitScam and CloudScam cryptomining apps from the Google Play store. However, there are more of these apps available for download on third-party stores. This article continues to discuss the discovery of hundreds of Android apps that have been used to target thousands of victims with cryptocurrency mining scams.