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Google sued a group of crypto scammers for defrauding over 100,000 users posting misleading investing and crypto trading applications to Google Play. The tech giant sees this legal action as the first of its kind to set user protection standards.
In the Southern District of New York case, the defendants allegedly misrepresented their name, location, and app kind to Google to publish fake apps. Google’s network of fraudsters is facing civil RICO and breach of contract allegations. The online juggernaut claims they uploaded at least 87 bogus apps to defraud consumers, according to CNBC.
Google’s general counsel, Halimah DeLaine Prado, called this legal move a major step against crypto scams. She stressed that the tech firm is dedicated to protecting users via “teams that work around the clock to detect fraud and spam and abuse.”
Beware of Crypto Apps Online
Yunfeng Sun and Hongnam Cheung have been accused of running the crypto scam since 2019. The alleged fraudsters used SMS messages, internet advertising videos, and affiliate marketing to get victims to download their programs.
These applications on Google Play claimed users had balances and investment returns. However, users were unable to withdraw their funds. Google contends that the promise of easy money deceived consumers.
The complaint names TionRT, a fake crypto exchange app. A Sun-affiliated developer released the app to Google Play in 2022 and crypto scammers ignored victims’ complaints about withdrawing money.
Google claims it suffered considerable losses more than $75,000 from these fraudulent actions and seeks a permanent injunction against the defendants to protect users.
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Rising Online Scams Worldwide Alert Authorities
The FBI released a report recently highlighting the growing threat of financial crime on the internet in the US, with losses expected to reach $12.5 billion in 2023-a notable 22% increase from the year before.
The FBI’s Internet Crime Complaint Center, which reports cybercrime directly, reported 880,418 complaints in 2023, a 10% increase over 2022, according to KTLA.
Timothy Langan, the FBI’s executive assistant director, noted that bad actors may conduct large-scale fraud schemes, ransom our money and data, and threaten national security. He stressed that hackers, motivated profit or state-sponsored goals, might disrupt key services across industries.
The FBI said that “phishing” scams, which send fraudulent emails requesting personal and financial information, were the most common cybercrime in 2023. Hackers recorded personal data breaches, extortion attempts, tech support scams, and product non-payment or non-delivery, demonstrating cybercriminals’ various strategies.
One notable crypto scam that TechTimes reported was The HyperVerse, which targeted investors in Asia, Africa, and the Pacific. When it crashed in January, it left many without cash.
According to reports from Nepal, HyperVerse investors, some of whom accepted bank loans, are in tremendous anguish, with some expressing suicidal thoughts and self-harming due to their inability to withdraw funds.
Former BlockChain Global employees Sam Lee and Ryan Xu, Australian blockchain entrepreneurs, founded HyperVerse, a subsidiary of HyperFund.
In 2022, a UK-based HyperVerse marketer visited five African nations, offering blockchain technology to millions worldwide despite regulatory warnings identifying it a “scam” and a “suspected pyramid scheme.” The scam’s global expansion incentivized recruiting new members, focusing on the unexplored markets of developing nations.
Related Article: Crypto Trading Bot Scam: $1.5M Collected for Personal Use, Claimed to Make Investors ‘Millionaires’
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