The world is facing a sea of cryptos, from Bitcoins to Etheriums, Dogge coins, and soon Facebook coin.
After a series of ad bans for cryptos such as on Facebook, and now Apple, does it spell an end to schemers trying to scam people out of their billfolds?
Is your iPhone a miner?
Apple’s new App Store guidelines will disallow all apps from supporting on-device cryptocurrency mining.
Any app that includes cryptocurrency mining will be removed from the store, and no new submissions will be accepted, according to GSMarena, a prominent tech site.
The new rule states: “Apps may not mine for cryptocurrencies unless the processing is performed off-device.” Also, “Apps, including any third-party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining.”
The new guidelines may have been imposed over concerns regarding the longevity of the hardware and the battery, GSMarena reported.
But Cryptocurrency mining can affect the life of both a processor, since it is an intensive activity that puts a significant demand on the mobile hardware, and the power supply or in other words your battery, according to ArsTechnica, another online tech company.
Users casually running these applications after hearing about the cryptocurrency craze may not be fully aware of what they are getting into.
Apple may have already had to face situations with devices damaged by mining, which is probably why the company decided to act so strictly on the matter.
It’s worth mentioning that crypto mining on smartphones is a somewhat ineffective process, to begin with. “The processing power of these devices is not enough to finish the task quickly enough to earn enough out of it,” said GSMarena.
Even desktop mining is declining as people realize that specialized hardware is the only way to mine efficiently.
So, it’s probably for the best that Apple put these restrictions on its Appstore. Fewer people will fall for what is mostly a scam and potentially damage their devices.
Knowingly participating in crypto mining is just half the problem.
Google isn’t following
More and more people fall for these apps that run in the background and try to mine crypto without your knowledge.
Google has a few security features that prevent these mining apps from installing, but Android is very open, and it would require you to have a little know-how on app permissions and what might be a potentially dangerous software on your device.
The most recent type of malware is Laopi.
According to ArsTechnica, Loapi is a nuisance in other ways that go beyond covert coin mining.
For example, it sends an unending barrage of prompts for users to assign it administrator permissions.
Once granted permission, Loapi makes it hard for victims to install security apps that can help disinfect the phone.
It can subscribe a phone to costly premium services and even covertly send codes in SMS messages to confirm the request. It allows attackers to use infected telephones as foot soldiers in DDoS attacks.
And it displays a constant stream of ads.
But it is making advertising harder
According to Wall Street Journal, Google, Twitter, and Bing are following Facebook’s lead by banning ads for cryptocurrencies and other “speculative financial products” across advertising platforms.
Alphabet Inc.’s Google said the new policy would become effective this June across ads bought on its search and display-advertising network, as well as its YouTube unit.
According to Wired, a tech site, these advertising bans by Facebook, Google, Twitter, and Bing haven’t stopped crypto players from trying to buy ads.
Despite crypto ads usually costing companies approximately $150,000 for YouTube marketing alone, according to Wired.com, and knowing the risks involved, companies found workarounds where in some cases they used the word “c-currency” or replacing the “o” in bitcoin with a zero (Bitc0in).
The rewards and returns for scam artists are just bigger.