Today, we alerting the crypto community to another ongoing scam; fake QR code generators. According to reports, $40k+ worth of BTC have been stolen so far in the moth of March.
The new bitcoin scam
The fake Bitcoin QR code generators scam, first reported by ZDnet is currently wrecking hovac; taking advantage while people are tied up dealing with the Coronavirus (COVID-19) pandemic.
Furthermore, Harry Denley, a security researcher and web developer tweeted on March 22 that he has discovered two (2) websites housing the fake QR code applications. Denley claims he was the first to send the bitcoin scam alert to the community.
How many bitcoin stolen via QR code scam thus far and how?
More than 7 Bitcoins reported stolen from the new crypto phishing scam. How does it operate? Well, the culprits guarantee to help secure your bitcoin from theft by converting the address into a QR code.
They claim by doing that, your not risking loosing your BTC by manually entering an incorrect Bitcoin wallet address during transactions or sharing it.
Instead a QR code will be generated with the address embedded. Instead of doing as promised, the QR code generators; acting as malicious programs transfer the Bitcoin to a scammers’ address. They have collected seven BTC, at the time of this writing.
A number of crypto-related scams emerged as coronavirus (COVID-19) pandemic create panics and fears
Fears and panics are always opportunistic times for scammers. They thrive during these moments because people are vulnerable. Right now is the perfect time scammers to set their traps.
However, a number of countries and states like Texas State Securities Board, US Commodity Futures Trade Commission and United Kingdom (IK) regulators have issue official warnings about scam artists utilizing the coronavirus crisis to scam individuals out of their digital assets and fiat savings.
Recently, some unidentified scammers contacted a number of individuals seeking donations on behalf of the World Health Organization (WHO).
Were you, a friend, colleague or associate recently a victim of crypto or bitcoin scam? Please share your experience with our readers using the comment form below.
Faith Obafemim tech lawyer, digital content consultant, blockchain & crypto researcher, emerging tech tech writer. She is currently doing research on the implementation of the African Continental Free Trade Agreement (AfCFTA) on the blockchain and recommending Kleros as a dispute resolution layer.