According to a report from SophosLabs, the malware is known as Andr/HiddnAd-AJ. What this malware does it plays ads on the phone. At the outset, it lies down quite low on the screen in an effort to trap the user into a ‘false sense of security’. However, as time goes by (6 hours), it starts exhibiting full-page ads besides sending links to ads to the users.
Ultimately, Google will now further refine and polish its scanning process before permitting random apps to go live on the Play Store.