this post was submitted on 05 Apr 2024
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Google sues two crypto scammers over allegedly vast “pig butchering” scheme (arstechnica.com)
submitted 7 months ago by recursive_recursion@programming.dev to c/technology@lemmy.world
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As much as I hate Google I think this lawsuit from them sets a good precedence against scammer and spammers

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[–] autotldr@lemmings.world 2 points 7 months ago

This is the best summary I could come up with:

The tech giant alleged that scammers lured victims with "promises of high returns" from "seemingly legitimate" apps offering investment opportunities in cryptocurrencies and other products.

Commonly known as "pig-butchering schemes," these scams displayed fake returns on investments, but when users went to withdraw the funds, they discovered they could not.

Perhaps most notably, the Google Play Store's developer program policies "forbid developers to upload to Google Play 'apps that expose users to deceptive or harmful financial products and services,' including harmful products and services 'related to the management or investment of money and cryptocurrencies.'"

Another strategy allegedly employed by scammers relied on videos posted to platforms like YouTube, where fake investment opportunities would be promoted, promising "rates of return" as high as "two percent daily."

To make the exchanges appear legitimate, scammers put out press releases on newswire services and created YouTube videos likely relying on actors to portray company leadership.

Promoted on TikTok and Instagram, Google said, that app promised "that users could earn commissions by simply watching videos."

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