In a proactive move aimed at protecting its user base, Google, listed under the ticker symbol GOOGL on the NASDAQ stock exchange, has taken legal action against two individuals of Chinese origin accused of orchestrating a fraudulent cryptocurrency investment scheme via the Google Play store.
The lawsuit, filed in the Southern District of New York, alleges that Yunfeng Sun, also known as Alphonse Sun, and Hongnam Cheung, alternatively known as Zhang Hongnim or Stanford Fischer, have been involved in defrauding over 100,000 users globally since at least 2019, as reported by Reuters.
Halimah DeLaine Prado, Google’s general counsel, has underlined the importance of tackling such illicit activities head-on, stating, “This is a unique opportunity for us to use our resources to combat bad actors who were running an extensive crypto scheme.” Prado further stressed Google’s firm stance against such behavior and highlighted the necessity of setting a precedent to discourage future fraudulent activities within the digital realm.
According to the details outlined in the lawsuit, Sun and Cheung allegedly employed deceptive tactics by creating seemingly legitimate mobile applications that purported to offer cryptocurrency investment opportunities. These apps would display fabricated account balances and make lofty promises of substantial returns to lure unsuspecting users.
However, investors soon discovered the fraudulent nature of these apps when they encountered difficulties in withdrawing their funds, effectively exposing the scam. The lawsuit sheds light on the intricate web of deceit spun by the accused duo, who reportedly utilized a range of tactics, including sending deceptive text messages impersonating wrong numbers, creating promotional videos on popular social media platforms, and leveraging affiliate marketing schemes to attract victims.
The elaborate nature of these deceptive practices serves as a stark reminder of the importance of exercising caution and conducting thorough due diligence, particularly in the volatile realm of cryptocurrency investments. As the cryptocurrency market continues to gain traction and attract a growing number of investors, it becomes increasingly imperative for individuals to remain vigilant and discerning to avoid falling victim to similar scams orchestrated by nefarious actors.