Blockchain analysis firm Bitrace revealed a dangerous new scam that uses fake QR codes to steal access to digital wallets. According to Bitrace’s report, many users have already lost significant amounts of money due to this scam.
How the Scam Works
The scam starts with an attractive offer for an over-the-counter (OTC) token swap. Scammers suggest a direct wallet-to-wallet transaction and promise a much better exchange rate than what’s available on regular exchanges. To build trust, they make a small payment in Tether (USDT), a popular stablecoin.
They also offer a long-term deal with fees paid in Tron (TRX) tokens. This is meant to make the scam seem more credible and trustworthy.
Once the scammers have gained the victim’s trust, they ask for a “small repayment test.” This involves scanning a QR code that leads to a third-party website. On this site, users are asked to confirm the transaction. By clicking “confirm,” they unknowingly give the scammers access to their digital wallet.
Victims and Financial Impact
Between July 11 and July 17, 2024, at least 27 people fell victim to this scam, losing a total of $120,000 in USDT. Bitrace found that the stolen funds were moved through several addresses and eventually laundered through accounts on a Cambodian crypto exchange called Huione.
Rising Cybersecurity Threats
Cyberattacks are increasing in 2024, with nearly $1.4 billion in stolen crypto funds reported so far this year. Phishing and other security breaches are major reasons for this rise.
Bitrace warns users to be very cautious. They advise checking the counterparty’s address before making any crypto transactions. To help users avoid scams, Bitrace is developing a “one-click risk check” tool that will help identify potential dangers.
As the cryptocurrency world grows, it’s important to stay informed and vigilant to protect your digital assets.
