Bitcoin scammers are using fake QR code generators

A recent report by ZenGO revealed Bitcoin scammers on the internet are using fake QR code generators to steal Bitcoin. The frauds are using Google search results to swindle people out of their Bitcoins.

ZenGO revealed that among the scammers have created websites for Bitcoin QR code generator. The websites do not create new wallet addresses for users. Rather the QR code leads back to the scammer’s Bitcoin wallet. This way the scammer gets hold of the victims’ Bitcoins.

Furthermore, the report revealed that such websites were rampant across Google search results. It revealed that four websites out of the top five Google searches for “bitcoin QR generator,” were Bitcoin scammers.

Bitcoin scammers: Why is QR code the perfect target?

QR code generation is a perfect target for scammers and swindlers. Users can not read the QR code. Thus, they have no idea how to differentiate between multiple addresses. The report reads that these sites provide QR codes to addresses controlled by the swindler instead of creating new unique addresses.

Furthermore, it noted that the scammers are too lazy even to generate the QR code themselves. The scammers use a blockchain explorer API to generate QR codes for their address.

According to ZenGo’s research, this simple trick has already fooled many people. ZenGo estimated that the scam has already stolen more than twenty thousand dollars in Bitcoin.

The report advises the user to avoid googling for QR code generators. Users should instead use a trusted blockchain explorer for such purposes. Furthermore, users should thoroughly verify the address of the QR code before sharing it with others.

What is the US watchdog currently doing?

Currently, Libra is under government scrutiny and faces criticism from various other jurisdictions as well. Moreover, the Securities and Exchange Commission (SEC) has turned eyes towards traditional exchanges. Things are not looking too good for the crypto sphere as is but we can still hope.