Google Sued Over Crypto Fraud App Despite CFPB Complaint
CryptoNewsTerminal Staff18 Aug, 2024
Google Sued Over Crypto Fraud App Despite CFPB Complaint
Google is facing a lawsuit from a user who lost $5 million to a cryptocurrency scam app downloaded from the Google Play Store. According to the lawsuit, the user downloaded the Yobit Pro app in February 2022 and deposited $4.5 million. After seeing his investment rise in value, he attempted to withdraw his assets but was asked to pay additional fees. The user filed a complaint with the Consumer Financial Protection Bureau (CFPB), which forwarded the complaint to Google. However, it reportedly took three months for the app to be removed from the Play Store. The lawsuit alleges that Google is liable for the user's losses because it failed to take reasonable steps to prevent the fraudulent app from being distributed on its platform. The lawsuit also alleges that Google's handling of the CFPB complaint was negligent. Google has not yet commented on the lawsuit.
