Alphabet Inc Sues Chinese Duo for Fraudulent Cryptocurrency Apps on Google Platforms
Summary:
Alphabet Inc., Google's parent company, has initiated a lawsuit against two Chinese individuals for developing fraudulent cryptocurrency apps that have attracted over 100,000 downloads. The apps were allegedly advertised on Alphabet's platforms, evading its fraud detection processes despite regular removal efforts. dating back to their initial release in 2019. The lawsuit is seen as a significant move in protecting the platform's users, with further information to be released as the story unfolds.
Alphabet Inc., the parent company of Google, has lodged a legal suit against a pair of Chinese individuals responsible for fraudulent cryptocurrency applications which have recorded over 100,000 downloads. The company accuses these individuals of exploiting its platforms, including Google Play and YouTube, to propagate and display deceptive crypto applications. Alphabet alleges that this operation constitutes a scheme of widespread fraudulent activity involving numerous instances of electronic fraud. An April 4 Bloomberg report confirmed that these proceedings were filed in a New York federal court this past Thursday. The counterfeit applications are engineered to mimic authentic digital currency investments, enticing users to deposit their funds, which were subsequently withheld. Despite consistent action by Google to remove these deceitful applications, they continue to evade its fraud detection algorithms. The individuals in question began releasing these scheming applications in 2019. According to the report, Halimah DeLaine Prado, Google's general counsel, has argued that the lawsuit is integral in upholding the welfare of the platform's clientele. She commented, "This litigation is a critical step in holding these bad actors accountable and sending a clear message that we will aggressively pursue those who seek to take advantage of our users." It's also reported that there's been a 15.4% surge in hacked funds in 2024 compared to the same timeframe in 2023, according to Immunefi. Additional details regarding this unfolding situation will be provided as they come to light.
Published At
4/4/2024 2:17:53 PM
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