Google To Sue Chinese Nationals For Promoting Fraudulent Crypto Apps On Play Store: Report

The accused individuals are accused of leveraging the global reach of platforms such as YouTube to promote these apps, alongside conducting text message campaigns to target potential victims.

In the past few years, Cryptocurrency industry has experienced significant growth on a global scale, leading to the introduction of numerous cryptocurrencies.

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Google is taking proactive steps to identify and address risky apps promoted on its Play Store platform. In a recent development, the tech giant has identified two suspects suspected of using the app store to promote fraudulent cryptocurrency apps. To address this issue, Google has initiated legal action against two Chinese nationals residing in mainland China. In contrast, Google's main competitor, Apple, has implemented policies to prevent involvement in crypto-related activities, prioritising the protection of its users from financial risks.

According to reports from CoinTelegraph, Google's lawsuit alleges that the two Chinese individuals were enticing users to engage with fraudulent crypto apps, prompting them to deposit funds and subsequently blocking access to their deposits.

The lawsuit identifies the individuals as Yunfeng Sun, also known as Alphonse Sun, and Hongnam Cheung, also known as Zhang Hongnim or Stanford Fischer. Google's filing accuses the defendants of misrepresenting their identity, location, and the nature of fraudulent apps to have them published on the Play Store.

Google estimates that these malicious crypto apps collectively garnered over 1,00,000 downloads. One specific app mentioned is the TionRT exchange, among at least 87 crypto scam apps that Google alleges the duo promoted and published on the Play Store.

The accused individuals are accused of leveraging the global reach of platforms such as YouTube to promote these apps, alongside conducting text message campaigns to target potential victims.

In addition, the tech company is taking legal action against the developers of these apps for violating the Racketeer Influenced and Corrupt Organizations (RICO) law. Enacted in the United States in 1970, the RICO law is designed to combat organized crime.

Increase In Crypto Scams

In recent years, the cryptocurrency industry has experienced significant growth on a global scale, leading to the introduction of numerous cryptocurrencies. Seizing this opportunity, crypto scammers have increased their fraudulent activities, resulting in substantial financial losses within the community.

Various countries are now implementing regulations to oversee the cryptocurrency sector, aiming to enhance security for their citizens. Scammers have employed tactics such as fake apps, deceptive high-return schemes, and fraudulent airdrop promises to lure unsuspecting victims.

With the surge in crypto-related crimes, platforms like Apple's App Store and Google's Play Store have been urged by authorities to remain vigilant in identifying and addressing problematic apps.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.