Lukas Stefanko, a malware specialist from Slovakia, spotted a fraudulent "Ethereum" application on Google Play and shared his discovery on Twitter August 20.
Not What It Seems
In the tweet, the specialist noticed that purchasing the application is "not the same" as buying Ethereum, meaning that the app is a crypto scam made to defraud users by imitating the actual altcoin currently worth around $290.
The app had been allegedly offered at cost of €335 (around $388), as indicated by The Next Web.
Stefanko's tweet demonstrates that the scam application was designed by so-called "Google Commerce Ltd," and has been installed over hundred times since the last update in August 2017. At squeeze time, the application is inaccessible on Google Play.
Cracking Down on Crypto
Google had prohibited crypto mining applications on its Play Store just a month ago. However, remote mining applications are still allowed. Regardless of the ban, several illcit apps, such as JSEcoin, are appearing on the store.
In March, following Facebook’s move, Google banned all crypto-related advertisements of different sorts, which significantly influenced the market. Later on, in April, Google had declared the restriction of all mining extensions from its Chrome Web Store.