The post Google faces $5M lawsuit over fraudulent crypto wallet app appeared on BitcoinEthereumNews.com.

Google is neck-deep in legal trouble after a woman claims a crypto wallet app she downloaded from its Play Store cleaned out her assets. Maria Vaca, the unfortunate victim, has slapped Google with a $5 million lawsuit.  She alleges that the tech giant’s lax oversight allowed a fraudulent app to thrive on its platform, leading to her financial nightmare.  Vaca filed her case in a California state court, pointing the finger at Google for failing to protect users like her from these sneaky, malicious apps. Scammers continue to bleed crypto users dry Crypto scams have continued to boom, and it’s no joke. In just the first half of 2024, scammers raked in around $679 million. These scams are fast becoming the second most lucrative form of fraud, right behind bank transfer scams. These scams come in many forms, but the ones pulling in the most cash are the fake mobile apps and wallets. Scammers have gotten really good at creating apps that look like the real deal.  They lure in users with slick designs and promises of easy profits, only to steal sensitive information like private keys. Once they have that, they can empty wallets faster than you can say “blockchain.” And if that wasn’t enough, there are investment scams that promise sky-high returns. They target people who think they’re getting in on the next big thing, only to watch their funds vanish into thin air.  Celebrities and influencers aren’t safe either—scammers impersonate them on social media, promoting fake giveaways and investment opportunities that require you to send crypto upfront.  Surprise, surprise: the victims never see their money again. Flash loan attacks are another way these scammers are cashing in. They take out unsecured loans, manipulate the market, and walk away with massive profits, leaving regular investors holding the bag. …

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Filed under: News - @ August 18, 2024 3:17 pm