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Fake-miners for Ripple, Cardano and Tether found on Google Play

ICO-NEWS-Fake-miners-found-on-Google-Play Lukas Stefanko | ESET researcher

Fake mining apps for XRP, Cardano (ADA) and Tether cryptocurrency found on Google Play. However, in reality, these applications only pretend that they are mining virtual coins, because from a technical point of view, mining of these tokens is impossible.

Fortinet employees noticed that applications are being promoted on Google Play as a means of mining XRP, Cardano (ADA) and Tether crypto-assets, but in fact, they are used only for displaying advertisements.

For example, in the mining application for the Ripple coin, you can press the "Start" button and the mining will supposedly begin. During the process, even hash rate is shown, and the counter of mined coins slowly increases.

Analysis of the application code shows that this hashrate is a random number and the actual mining of coins does not occur. It is also impossible to withdraw "recovered" funds, since the application shows the message: "Error! Check the address of the wallet.

The company Fortinet argue that the application is used only for displaying advertising. The bet is made that users, hoping to earn by mining, will keep the application open and thus will be able to generate revenue through the constant display of advertising.

It is worth noting that analogues of such applications were known before. In the past, ESET researcher Lukas Stefanko said that he managed to find similar applications, as well as applications for cryptojacking and stealing coins from users' wallets.

Stefanko believes that along with changes in the cryptocurrency market, the number of such applications will gradually grow along with the courses, as there will always be those who want to capitalize on the inexperience of ordinary users.

"Now such applications are not as popular as they were at the end of 2017 or in January 2018. I have long observed and noticed a certain correlation between the popularity of fraudulent applications and the dynamics of the Bitcoin course," says Stefanko. "It is more profitable for fraudsters to develop such applications during the rise of the course and the hype, because people want to get into this topic as soon as possible and don't really understand it." 

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