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Crypto News: Google Bans Fake Cryptocurrency Mining Apps

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Google Bans Fake Cryptocurrency Mining Apps

Google cleans up – Some mobile apps allow their users to mine bitcoin (BTC) and other cryptocurrencies directly from their phones. The computing power of mobile phones helps to validate transactions. However, this type of device is not necessarily suitable for this task. And, the user craze for this form of mining was quick to be used by unscrupulous developers. In total, more than 100 “mining applications” would offer completely non-existent services .

8 applications already eradicated from the Play store

Based on a report from Trend Micro , a major player in the field of software security, Google has decided to ban 8 cryptocurrency mining applications from its Play store. These realistic-looking applications were in reality scams that charged their users for non-existent services.

Indeed, users of these applications had to watch video advertisements and pay a monthly payment of $ 15 to validly proceed, depending on the applications, to cryptocurrency mining. However, only 2 of the 8 banned apps were paid apps on the Play store.

BitFunds Crypto Cloud Mining Banned Application Interface
Interface of banned fake application BitFunds Crypto Cloud Mining – Source: Google Play Store

One of the banned applications, BitFunds Crypto Cloud Mining , had already been downloaded more than 100,000 times when it was only in its first version. Unsuspecting users were lured by the cryptocurrency mining simulations and built-in purchase proposals. They were also encouraged to increase their “package” by promises of better performance. From a technical point of view, these promises had of course no basis or content.

 

Other applications also questioned

According to the same Trend Micro report, these 8 apps are just the tip of the iceberg. Indeed, more than 120 mobile mining applications are said to be scams . In reality, these apps would not have the ability to mine cryptocurrency. According to the same report, in just one year , more than 4,000 users have suffered financial consequences as a result of using these bogus applications.

To avoid these unfortunate consequences, Trend Micro encourages users of mining applications to check the reviews . As such, it is better to focus on bad reviews (1 or 2 stars) , rather than very good reviews (5 stars). These may actually have been purchased by the developer and released upon release of the app.

 

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The Trend Micro study also highlighted the lack of verification of crypto wallet addresses. Therefore, these applications accept all addresses, even if they are wrong. This last point is also a way for the user to ensure the proper functioning of the mining application that he is about to use.

Google, which decided to lift restrictions on Google Ads on US exchanges and crypto wallets last June, remains attentive to the excesses of the cryptosphere. If you use this type of application, you should be suspicious and vigilant.

Stay away from spammers and crooks of all stripes, flee like the plague from propositions that are too good to be true and make a habit of showing healthy mistrust. On the other hand, also learn to place reasonable trust in respectable and recognized actors of the ecosystem. The FTX platform falls without a shadow of a doubt in this second category. Come and acquire and trade your first bitcoins and other cryptocurrencies  by registering on FTX.  You will benefit from a lifetime reduction on your transaction costs (affiliate link)

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Crypto News

Crypto News: A shitcoin on Bitcoin? The Liquid Network sidechain adrift

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And a more secure network – Liquid Network is a sidechain of Bitcoin (BTC) developed by Blockstream company. It has just encountered major stability problems, having caused a total paralysis of the network for a little less than a day.

A general paralysis of 10 p.m.

Launched in 2015, Liquid Network is touted as a solution to the scalability issues faced by Bitcoin. This allows you to make almost instant transactions for much lower fees than Bitcoin. 

On Monday, October 4, the network teams deployed a hard fork aimed at introducing the “Dynamic Federation” functionality . Unfortunately, a bug was present in this update which caused the network to crash .

“This resulted in the activation of the network security mode, so that the blocks stopped being produced until the problem was manually fixed. “

Wiz Developer Statement

Wiz Developer Post - Liquid Network Paralysis Bug Announcement
Post by developer Wiz – Source: Twitter

In reality, the nodes responsible for verifying and signing the blocks were no longer able to carry out their mission. As a result, the network could no longer produce new blocks for 22 long hours . Fortunately, transactions accumulated in the mempool, which made it possible to process them once the situation was restored. 

The developers of the network quickly released a patch, which was deployed by 2 thirds of the validator nodes in the network. It finally took until October 5 , around 9 p.m. , for block production to resume on Liquid Network. 

Twitter post by mempool - Liquid Network back online
Mempool publication – Source: Twitter

Offline networks, a new fad? 

This is not the first time in recent months that we have addressed the subject of a blockchain network found offline. 

Indeed, on September 14, the Solana network was also paralyzed for several hours . As was the case with Liquid, Solana’s block producers were no longer able to produce new blocks . In Solana’s case, the bug was caused by posting too many transactions from a bot. As a result, the mempool found itself congested, which impacted the entire network. 

Fortunately, the problem was only short-lived and the developers were able to quickly find a solution. 

Either way, scalability remains one of the hot topics of cryptocurrencies. Despite its reach through its DeFi ecosystem, the Ethereum (ETH) network continues to face significant congestion issues, driving up transaction fees .

It has never been more important and urgent than today to better discover, and to expose yourself reasonably to Bitcoin and cryptocurrencies! To do this, the Journal du Coin advises you on the FTX platform. By registering on this benchmark crypto exchange , a lifetime reduction on your trading fees awaits you thanks to the JDC affiliate link.

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Crypto News: They try the coup of the century with Cardano (ADA), the tax authorities appear

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Taxes under the radar in Japan thanks to Cardano (ADA)This was without counting the audits of the country’s tax authorities which uncovered nearly $ 12.6 million in unreported taxes by cryptocurrency investors. Almost half of this amount concerns ADA holders.

Cardano and taxes: $ 6 million unearthed by the Japanese tax authorities

According to an October 3, 2021 article from local Japanese media Nikkei, many cryptocurrency investors in Japan failed to pay 1.4 billion yen, or about $ 12.6 million in taxes . Much of the unreported taxes would relate to gains from trading Cardano.

Several investors located in the Kanto region, made up of the metropolitan area of ​​Tokyo and the cities of Saitama, Tochigi, Gunma, Niigata and Nagano, would have benefited greatly from the Cardano rally in 2021 .

The price of ADA has indeed exploded since the beginning of the year, exceeding the $ 3 mark in early September 2021 . ADA is sometimes referred to as  “Japanese Ethereum” . The project had carried out an ICO mainly in Asian markets, between 2015 and 2017. 90% of the participants were from Japan .

 

Cardano arrives late in Japan and (already) becomes a tax haven

Paradoxically, however, the ADA has only been available in Japan since August 2021 , thanks to the Bitpoint exchange which is the first local exchange to list it in the country. Japanese investors previously had to go through foreign exchanges such as Binance or Kraken to be able to trade the ADA.

According to the Japanese tax authorities, traders and investors are increasingly using cryptocurrencies to “save” on the taxes they have to pay . In Japan, cryptocurrencies are currently in a “legally gray” area.

Will these $ 6 million in unpaid taxes from ADA investors harm Cardano’s image with the country’s authorities? The project announced in August 2021 a partnership with Coinfirm, to allow the tracking of ADA transactions by a third party. This initiative to comply with regulatory frameworks was heavily criticized, but the use of Cardano to evade tax in Japan could ultimately provide a concrete justification for such a partnership.

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Cypto News: Why Dogecoin could land on Ethereum (ETH) soon

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Dogecoin (DOGE), NFT, and Ethereum (ETH)The idea is gaining ground , and it’s the turn of the Dogecoin co-founder to defend the importance of such a project for Elon Musk’s favorite cryptocurrency . A bridge between Dogecoin and Ethereum would indeed allow the crypto-doggie to take full advantage of the development of DeFi, and NFTs.A

DOGE-ETH Gateway: Buy NFTs with Dogecoin

On September 30, 2021, Dogecoin co-founder Billy Markus tweeted about the importance of an Ethereum-Dogecoin gateway , so that DOGE can be integrated into NFT marketplaces such as OpenSea . Dogecoin would thus make it possible to purchase NFTs , thus “considerably increasing its usefulness”.

Twitter Mr. Whale reacted to Markus’ post, pointing out that “ implementing DOGE in the NFT ecosystem would be of huge benefit to the community ”. 

The co-founder of Dogecoin, explains the importance of a DOGE - Ethereum (ETH) bridge to allow the purchase of NFT with the DOGE and thus increase its utility.
Post by Billy Markus – Source: Twitter

The DOGE-ETH bridge would allow users to transfer cryptocurrencies from the first blockchain to the second . DOGE transactions in DeFi and NFTs, via DOGE ERC-20 token contracts would also be possible. 

Vitalik Buterin, explained the importance and advantage of such a catwalk, in an interview with podcaster Lex Fridman on June 04, 2021: 

“If DOGE somehow wants to bridge Ethereum, and then people can trade DOGE thousands of times per second inside a looping ring, then that would be unbelievable.” 

DOGE-ETH bridge and burn wallet: dogecoin staking and transformation into deflationary currency

On June 18, 2021, DogeLabs, an organization made up of DOGE developers, reported that they were exploring the possibility of developing a Doge-ETH bridge. The latter would allow hodlers to use Dogecoin for staking on Ethereum

DogeLabs had also announced that it was planning to create a DOGE burn wallet . Developers could build there “applications that send a small portion of the Doge to a public burn wallet to help build a deflationary mode around DOGE’s inflationary growth “.

The Dogecoin already has a leg or two in NFTs, with the non-fungible token containing the Dogecoin’s Shiba Inu valued at over $ 100 million . However, the DOGE community wants to take much more advantage of NFTs, and prove (even more) the usefulness of Dogecoin by allowing the purchase of non-fungible tokens with the latter. The developers even want to make DOGE a deflationary currency, projects that may have something to make less far-fetched this idea that 1 in 4 Americans, according to which Dogecoin is becoming the new Bitcoin (BTC) .

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