Blockchain analysis company Bitrace has issued a warning about a new scam targeting crypto investors. According to a Bitrace’s report, scammers are using fake QR codes to trick people into giving away access to their digital wallets, resulting in significant financial losses.
The scam typically starts with an attractive offer for an over-the-counter (OTC) token swap, where scammers suggest a direct wallet-to-wallet transaction, promising a better exchange rate than what’s available on regular exchanges.
To gain the user’s trust, they make a small payment in Tether (USDT), and propose a long-term deal with fees paid in Tron (TRX) tokens.
Once the scammer has earned the victim’s trust, they ask for a “small repayment test,” which involves scanning a QR code. This QR code directs the user to a third-party website, where they are asked to confirm the transaction. However, by clicking “confirm,” the user unknowingly allows the scammer to access their wallet and steal their funds.
According to Bitrace, at least 27 people have fallen victim to this scam between July 11 and July 17, losing a total of $120,000 in USDT. The stolen funds were moved through several addresses before being transferred to accounts on a Cambodian crypto exchange called Huione.
As cyberattacks continue to rise in 2024, with nearly $1.4 billion in stolen crypto funds reported, Bitrace advises users to be careful. The company stresses the importance of checking the other party’s address before making any transactions. Bitrace is also working on a “one-click risk check” tool to help users spot potential risks when dealing with crypto transactions.
Also Read: WazirX and Partners Hit with NCLT Petition Over $230M Hack
