Bitrace: QR Code Cryptocurrency Scams on the Rise
CryptoNewsTerminal Staff08 Aug, 2024
Bitrace: QR Code Cryptocurrency Scams on the Rise
According to a report by Cointelegraph, blockchain data analytics firm Bitrace has warned of a new wave of cryptocurrency scams involving QR codes. "Bitrace has detected a new scam emerging that uses QR codes to trick users into granting access to their wallets," the firm said. "The QR code provided by the scammer redirects the user to a third-party website and requests confirmation for a test transaction, during which the scammer obtains authorization to the victim's wallet." According to Bitrace, at least 27 victims had their wallets compromised, resulting in the theft of over $120,000 worth of USDT. How to avoid QR code cryptocurrency scams Never scan a QR code from an untrustworthy source. Always verify the website address before entering any personal information. Use a hardware wallet to store your cryptocurrency. Be aware of the risks of using QR codes to make payments. If you have been scammed Contact your cryptocurrency exchange or wallet provider immediately. File a police report. * Report the scam to the Federal Trade Commission.
