American tech giant Google recently filed a lawsuit against two developers for uploading almost 90 fraudulent crypto investment applications on its online store, Google Play, which they used to defraud unsuspecting victims.
However, victims were later aware of the fraudulent cryptocurrency exchange when they were unable to make more withdrawals. The platform eventually closed down, and investors did not get their money. Sometimes, Sun and Cheung or their agents would require a fee between 10% and 30% or ask that investors maintain a minimum balance if they wanted to withdraw their funds. Despite victims’ compliance with the demands, they were still unable to make withdrawals.
According to Google, approximately 100,000 users download fake apps, 8,700 of whom are said to be based in the United States. The lawsuit noted that financial losses for Google users ranged “from one hundred to tens of thousands of thousands of dollars” per victim, based on complaints.