Cryptocurrency scams come in many different shapes and sizes and as of yesterday, a fake Ethereum app within the Google Play Store was offering customers with fake ETH tokens for the price of $385 per coin.
Fake Ethereum App is Quite Devious
Contrary to most harmful mobile cryptocurrency applications, this particular offering was not designed to steal one’s private keys or wallet balance. Instead, it simply tried to trick users into buying one Ether for a lower price compared to the current market average. On paper, no one should have fallen for this clear scam, yet a few users have already been defrauded by this fake Ethereum application.
The application itself needs to be purchased for the price of 335 euro, or roughly $385. By doing so, users are tricked into believing they are directly purchasing one Ether, even though that is anything but the case. Instead, they are simply buying an application which serves no purpose other than providing users with a low-resolution Ethereum logo. A hefty price to pay for images which can be found on the Internet free of charge.
Surprisingly, this application has been installed several dozen times and it appears as though the developer has already made over $35,000 from this fake application, which somehow slipped through Google’s Play Store verification procedure.
While it is good to see this fake Ethereum app get removed from the Google Play Store, the underlying issue behind this problem still remains largely unsolved. With the cryptocurrency sector currently dealings with major PR problems, incidents like these do not help improve matters.