Slovenian Researcher Lukas Stefanko has spotted an Ethereum App Scam on Google Play Store. He stated that the cryptocurrency scam intends to trick investors by copying the original Ethereum cryptocurrency.
22 August, AtoZ Markets – Google Play Store for Android has apparently hosted another Ethereum scam application, according to some of online media reports.
Slovak Researcher Spots Ethereum App Scam on Google Play Store
The reports quote Lukas Stefanko, a malware researcher from Slovakia. Reportedly, he has found a fraudulent “Ethereum” application on Google Play. The application has been allegedly listed for purchase at €335 or around $388, the news states.
The researched has tweeted on 20 August, stating that buying the app is “not the same” as an Ethereum purchase. He has noted that his recent discovery emerges as a cryptocurrency scam that it intended to trick investors by copying the original Ethereum cryptocurrency. As of the time of writing, the price of one ETH stands at $284.89.
Tweets from Stefanko show that the scam application has been developed by so-called “Google Commerce Ltd.” The application’s name translation states “just a Ethereum,” while it has managed to defraud over 100 investors since its last update in August 2017.
As a matter of fact, the genuine name of the developer of Google supported applications on Google Play Store is “Google LLC.” At the moment, the scam application is no longer available on Google Play.
Google Crypto Policy
Back in July, Google has restricted cryptocurrency mining applications’ listing on its platform, only allowing remote mining applications. As per online reports, in spite of the recent ban, a number of illegal apps are still making it to the store. However, Google developers still have some days left to comply with the policy changes, as the company has set the deadline at 30 days after the new measures were announced.
As per the report from one of the industry media outlets, that time. Google has announced that it plans to change its stance in the recent policy update for Google Play developers. The policy reads, according to online reports:
“We don’t allow apps that mine cryptocurrency on devices. We permit apps that remotely manage the mining of cryptocurrency.”
The limitation emerged at a time when Apple and Google are attempting to restrict cryptocurrency mining-related activities on their platforms.
This April, Google has also banned all mining extensions from its Chrome Web Store. It also has restricted all browser extensions to mine cryptocurrency.
Think we missed something? Let us know in the comments section below.