Google Implicated in $5M Massive Scam Involving Cryptocurrencies

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American multinational corporation Google is caught in the web of a $5 million lawsuit involving Maria Vaca, a recent victim of a massive scam. Vaca claimed that she downloaded a crypto wallet on the Google Play Store that turned out to be malicious. 

Malicious Crypto Wallet Listed on Play Store 

For context, she trusted the wallet enough to put in her crypto holdings but lost all her digital assets to the supposedly legitimate crypto wallet. Consequently, she decided to take it up with Google by filing a lawsuit against the technology firm in a California state court. Vaca is astonished that such a dangerous app found its way to the renowned Play Store. 

She has accused Google of negligence and exposing its users to malicious applications. According to the lawsuit, Google’s inability to protect its users from fraudulent apps and products is fast becoming a growing concern. The lawsuit suggested that this reflects irresponsibility on the part of the firm. 

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Google Boost its Crypto Ad Policy

However, Google’s move at the beginning of this year suggests that it has tried to avoid such cases.

In January, the California-based tech firm announced it plans to update its cryptocurrency-related advertising policy to allow ads about digital assets trusts. This coincided with when Americans received the approval of spot Bitcoin ETFs from the United States Securities and Exchange Commission (SEC).

Is Google to be Blamed?

It is unknown if Google knew about the current scam app or how long it made it available for download. Legal experts believe this information is crucial to deciding how the lawsuit will go. Crypto litigator Andrew Dressel highlighted that the breakthrough in the case lies in Google’s knowledge of the app’s malicious nature and its response to such threats.

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Noteworthy, this is not the first time that such crypto scam cases have appeared on the Play Store. The expansion of these scammers’ activities forced Google to pursue a lawsuit against a group of bad actors in April. These scammers defrauded over 100,000 individuals worldwide through deceptive investment schemes and counterfeit cryptocurrency exchange applications hosted on the Google Play Store.

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