App that claims to give users the chance to earn $45 a day in free Bitcoin is a scam

An app that claims to give users the chance to earn $45 a day in free bitcoin (BTC) is a scam, according to a tweet by an “independent malware hunter” posted on May 20.

The software, known as Bitcoin Collector, is advertised on a website that supposedly enables users to share a unique URL with their friends with payouts of 3 ether (ETH) (worth about $800 at press time) for every 1,000 people who click on it.

But according to a security researcher who goes by the nickname Frost on Twitter, the app is a front for attempts to steal login credentials and money.

At first, downloading the software launched ransomware that warned users all of their information had been encrypted “using the most cryptographic algorithms,” adding:

“No system administrator in the world can solve this problem without knowing the password.”

Recently, the scam evolved into a Trojan, potentially enabling fraudsters to steal crypto wallets, files and login details, take screenshots and review browsing history without the victim’s knowledge.

Also read: Unit of German telecom giant Deutsche Telekom will work with Binance-listed project Fetch.AI to develop decentralized IoT network innovations