The cryptocurrency industry has been around for many years now, and the creativity of individuals in this field has resulted in some very unique products, services and projects. Unfortunately however, the creativity has also lead to some ingenious cryptocurrency scams, some of which take place on a regular basis.
The European cyber-security researcher, Lucas Stefano, has recently been investigating a seemingly new Ethereum based scam that is taking place on the Google Play store, the store used by Android owners. Stefano reported that the scam took the form of an app which cost around the $390 mark, and portrayed itself on the store as ‘Ethereum’.
The app claims that it sells an Ethereum token to the buyer, but at a price of around $100 over the current value of a token. If overcharging wasn’t bad enough, those that purchased the app would never actually get their hands on a token at all. In fact, all the buyer would receive is an image of the Etherum logo!
Currently, the app has already had over 100 installs, meaning that many people have already got caught up in the scam and lost their money in the process. Altogether, the scammers must have made around $39,000!
To make the app more believable, 22 people have left reviews on the store and given it 4 out of 5 stars, and although this is strange, it is likely that all of these reviews are also fraudulent in some way. Plus, people are likely to have been attracted to the fact that the firm apparently behind that app is ‘Google Commerce LTD’. As Google is a reputable company, people wouldn’t assume it was a scam, yet obviously it isn’t Google or anything relating to Google that is offering this app.
At the moment, it is unclear who is behind this clever scam, but it has now been removed from the Play store and will hopefully stay that way.