Beware of Free Bitcoin and Ether Earning App, Scam

Meeting O. Progress || MAY 27, 2019

Independent malware hunter has on May 20 issued a warning on twitter post about an app that claims to give users the chance to earn $45 in bitcoin for free as a scam.

The software is said to be called "Bitcoin Collector", is advertised on a website that it enables users to share a unique URL with their friends with payouts of 3 ether (ETH) (worth about $800 at press time) for every 1,000 people who click on it.

But a security researcher who know by the nickname Frost on Twitter, said that the app is a front for attempts to steal login credentials and money.

At first, downloading the software launched ransomware that warned users all of their information had been encrypted “using the most cryptographic algorithms,” adding:

“No system administrator in the world can solve this problem without knowing the password.”

Recently, the scam evolved into a Trojan, potentially enabling fraudsters to steal crypto wallets, files and login details, take screenshots and review browsing history without the victim’s knowledge.

Malicious software that tries to dupe inexperienced crypto enthusiasts is relatively common in the crypto space, according a  report by Cointelegraph. Also Cointelegraph reported last week that researchers found apps on the Google Play store that imitated the hardware wallet Trezor.

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