Google in its recent step to counter the ongoing crypto scams on the platform, sued two Chinese nationals in Federal court in New York over crypto fraud by putting 87 fake apps on the Google Play Store whose main purpose is making scams to the individuals.
How Big Is this Scam?
As Coin Gabbar Reported, Two Chinese Nationals named Yunfeng Sun in Shenzhen and Hongnam Cheung in Hong Kong have been involved in registering fake crypto applications on the Google Play Store whose main agenda is scamming users into giving them Money via fake platforms and promises. Till Now as Google reported the apps has more than 1 lakh downloads and have scammed thousands of dollars since 2019.
The Tech Giant Google is always been proactive concerning malicious activities on its platforms and on the same line has sued Sun and Cheung on New York’s Federal Court on terms of racketeering and violating terms of services of the Google Play Store. The Tech Giant said that these developers registered 87 Fake apps on the Play Store to initiate the crypto scams. It also said that they have used YouTube, Social Media Platforms, and Fake Press Releases to prove their legitimacy in the crypto Market. This case is named as Google LLC vs. Sun.
However, there is a problem in this lawsuit as the USA and China don't have any agreement on this. The Chinese government is not liable for any type of action against these fraudsters which makes it very difficult to handle and stop these crypto scammers.
Crypto scams like this, harm individuals and erode trust in digital currencies. Victims often lose substantial amounts of money, face financial distress, and cause emotional problems. Moreover, these scams degrade the reputation of legitimate cryptocurrencies, preventing potential investors and impeding the growth of the industry. Education and cautiousness are crucial in navigating the crypto landscape and avoiding falling target to such scams.
In Conclusion, the Crypto Market is not a Fraud market it has proven its legitimacy however it is because of some individuals who spoil the whole environment, and for this everyone should be aware of the crypto market Hence, Coin Gabbar is on a mission to educate everyone about Crypto World so visit our website Coin Gabbar for every Crypto information.
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