Imagine you’re scanning a QR code, thinking that it’s just another one of those routine crypto transactions. Then suddenly, your wallet is empty. This has become a reality for many people as there is a new type of cryptocurrency scam involving QR codes.
According to Bitrace, a leading blockchain analysis firm, “crypto scam using QR codes” is the keyword you should be aware of.
How does this scam work?
Deceptive Over-the-Counter Swaps
The fraud begins when a cybercriminal suggests an over-the-counter token swap — unlike traditional exchanges, these swaps are wallet-to-wallet and offer an exchange rate that beats the market.
- Trust Building: To gain trust, they might send you a small legitimate payment in stablecoin like USDT.
- Long-term Cooperation: They may also propose to pay in Tron’s TRX token – which will make you think about a long-run partnership.
Execution of the Scam
Once trust is established between the parties involved, the scammer then asks the user to scan a QR code intended for transaction purposes. But this particular QR code serves as bait to allow them to drain the victim’s wallet.
- Victim Statistics: In total, 27 wallet holders fell victim between July 11 and July 17, losing approximately $120k collectively.
- Money Laundering: Most often than not, these stolen funds are moved across multiple intermediary addresses before eventually landing in Huione among other foreign crypto exchanges accounts.
The Upcoming Cyberattacks Threat Level in 2024
Cyberattacks have always been there with us but their tactics keep changing every day, becoming more sophisticated than ever before. In 2024 alone, close to $1.4B worth of crypto funds have been stolen so far.
- Phishing Dominance: Access control breaches, majorly through phishing attacks, contributed about $490M lost in Q2 alone.
- Preventive Measures: Users are advised by Bitrace to conduct a risk check on the counterparty’s address before transacting with them and a one-click risk check tool is being developed to help users identify potential risks associated with target addresses.
Conclusion
Our vigilance must level up as cyber threats continue to advance. Always verify counterparties, crosscheck QR codes, and utilize risk evaluation tools to ensure the safety of your digital assets. Keep yourself informed so that you don’t fall victim to these QR code-based crypto scams which are becoming more rampant each day. Stay safe!