Since 2019, there are still lots of people trying to scam crypto newbies.
Some of them do it by adding their apps to Google Play. I'll show you some examples and some basic rules how to recognize a fraud.
Examples:
FoxMiner was an fraudlent app which seemed as a cloud Bitcoin miner. It had some bonuses for referring new users.
The app wasn't really elaborate. They didn't use SMS verification of login phone number nor email verification via confirmation URL. They didn't use any algorithm to recognize if the email is valid.
In the app, there was some cloud mining plans, which you can buy by money. There was a minimum withdraw of 0.1 BTC (at the time 6,000 USD). Because you can get 0.0005 BTC (at the time 60 USD). That is so much for only one invite. Whereas the phone number nor email address weren't controlled, I tried to create about 200 accounts, and successfully, I've got 0.1 BTC (in the app).
However, then, when I tried to withdraw, the app asked me for paying 10% of the BTC to complete the transaction. I contacted the support with a question, why can't be the fee paid by the BTC which I have earned from mining. Well, they weren't even able to respond to my question.
Then, the app mysteriously disappeared from Google Play. Because I wasn't that stupid to pay them for nothing, I uninstalled the app and ended the communication with the support.
TurboMinerBTC
TurboMinerBTC is an another example of pure scam. The interface of the app is as same as other crypto cloud mining scams. There you have some starting hash power, but imagine mining by the rate of 0.00000001 per minute. This means 0.0052 BTC (?100 USD) in the whole year. That's really unrealistic for only free version. However, to use this version perfectly (at the rate of 0.0052 BTC/year), you have to confirm the mining every time you close the app.
So, you want to find a way to mine faster, yes? However, the question is, how can you do it. If you ask how, the app has a very simple answer: Pay us and we will give you a bit higher hash. However, what is the hash power in this app? Isn't it only a number? Yes it is! So, why do you want to pay them? Because higher hash generates bigger numbers. And everyone wants to look at high numbers, especially when they are in his portfolio.
So, to give you an answer, if you give money to the most of these people, they will never return back.
Multiple Cloud Miner
This app has already some negative reviews on Google Play and has a rating about 3 stars. Only this marks the app as untrustworthy and suspicious.
I tried this app on my own. If you try only the free version, you can withdraw a minimum of 50,000 SAT (? 9 USD). This takes approximately 40 days. And when you request withdrawal, it will not arrive.
You can also "mine" ETH and BCH. The app on it's own has a lot of typos etc.
Then, there is an offer, there is a citation:
We will trade for you and gives you 80% profit on every 15 days. Contact Us.
That's kind of suspicious offer. 80% in 15 days by trading is almost impossible. The "and gives you..." isn't much better.
How to recognize this type of fraud?
Please note, the most of these apps are scams, so invest only with verified companies.
Some basic points:
- Large profit with low cost (no one will give you more money for less money)
- You have to keep the app opened (to extend the time of mining)
- No phone number or email verification, but the app requires these details (the verification is expensive and they also can sell these detail such as email, password and phone number on darkweb)
- Unrealistic hashrate for free (if I said that no one will give you more money for less, then the chance that someone will give you money for free is several times lower)
- High refferal commissions (to invite new users)
- The earned money mysteriously disappears from your wallet (I don't know why)
Conclusion
The most of "Cloud Mining" apps which you find anywhere aren't legit and you are risking your money by investing to them.
If you still want to invest, don't invest lot of money. If you do and they will scam you, you will be very
Also, please don't create your own scams. It isn't good for environment.
