Bitrace warns about QR code scams – how to protect yourself?

Bitrace Warning about QR Code Scams

Bitrace, a company specializing in blockchain analysis, reports on a new method of scams that can lead to theft of users’ cryptocurrencies through the use of QR codes. These scams involve misleading users and taking control of wallet authorization, potentially resulting in financial loss.

What Threats Do QR Code Scams Pose?

The scam starts with scanning a specific QR code, redirecting the user to a website where they are asked to confirm a transaction. By clicking the „confirm” button, scammers gain control over the victim’s wallet, allowing them to transfer funds without the owner’s consent.

How Does the Scam Scheme Work?

Criminals often propose token exchanges outside of exchanges, offering favorable exchange rates and suggesting payments in the TRX token in exchange for long-term collaboration. As a result, at least 27 wallet holders fell victim to this scam, collectively losing around 120,000 USDT between July 11th and 17th.

Measures Against Scammers

Bitrace observed that the perpetrator used the same wallet in each scam instance. The funds were then transferred through five intermediate addresses and deposited into three accounts on the Cambodian cryptocurrency exchange Huione for money laundering purposes.

Rise in Cyberattacks in 2024

According to data, cryptocurrency-related cyberattacks are on the rise in 2024, with the total value of stolen funds approaching 1.4 billion dollars. Breaches in access control, often through phishing attacks, are the primary method of fund extraction – approximately 490 million dollars were stolen in the second quarter alone.

Bitrace Risk Verification Tool

In response to growing threats, Bitrace is developing a one-click risk verification tool to help users identify potential risks associated with target addresses. Such actions could be crucial in preventing scams and raising awareness among cryptocurrency holders.