Exposing Fraudulent Crypto Apps on Google Play 📱
If you’re an avid user of Google Play, you might want to beware of fraudulent crypto-based apps that could potentially scam you. Recently, the search engine giant Google took legal action against two developers who allegedly placed 87 fraudulent apps on the Google Play store over the past four years. These apps affected at least 100,000 individuals, with 8,700 victims based in the United States.
The Deceptive Schemes 🕵️♂️
- The developers, Yunfeng Sun and Hongnam Cheung, lured victims by offering cryptocurrency investment opportunities through their apps.
- When users tried to withdraw their funds, they were asked to pay fees for their supposed investments and gains.
- Some victims were charged additional fees ranging from 10% to 30% for withdrawing their funds, which were sometimes never returned.
The Facade of Legitimacy 🎭
According to the lawsuit filed in the Southern District of New York, the fraudulent apps designed by the developers appeared legitimate to unsuspecting users. The interfaces of these apps misled victims into thinking they were managing their balances and earning returns on their investments. However, in reality, these apps were fraudulent and only aimed to deceive users into handing over their money to scammers.
Evading Detection 🕵️♂️
When Google took down one of the fraudulent apps, the developers resorted to hiding their identities and network infrastructure to upload new deceptive apps on the Google Play store, continuing their fraudulent activities.
The Pig Butchering Scam 🐷
In addition to the cryptocurrency investment scam, the developers also used the “pig butchering” technique to deceive victims. This technique involves building a rapport with victims to gain their trust before convincing them to invest in fraudulent financial schemes.
- The scammers initiated conversations with victims through wrong number texts and established relationships with them.
- Victims were then encouraged to download an app called “TionRT,” which claimed to be a cryptocurrency exchange.
- Once users invested in TionRT and attempted to withdraw their profits, they were asked to pay fees to access their money.
Legal Violations and Consequences 🚨
Google accused the developers of violating the Racketeer Influenced and Corrupt Organizations (RICO) Act, committing wire fraud, and breaching various policies on Google’s platforms with their deceptive schemes.
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