Bitrace has issued a stark warning about a rising cryptocurrency scam that preys on unsuspecting users through the use of QR codes.
The scam, which has already victimized several users, begins with a seemingly harmless offer but quickly turns into a costly mistake.
The scam initiates when the fraudster proposes an over-the-counter (OTC) token swap, offering rates that appear more favourable than those found on exchanges.
To build trust, they send a small amount of Tether (USDT) to the victim’s wallet. This initial transaction is designed to lower the user’s guard.
Once trust is established, the scammer requests a “small repayment test,” asking the victim to return the USDT by scanning a QR code.
This QR code, however, leads the user to a third-party site where they are prompted to confirm the transaction. By clicking “confirm,” the user unknowingly grants the scammer access to their wallet, enabling the theft of funds.
According to **Bitrace**, at least 27 individuals have fallen prey to this scheme, losing a total of approximately $120,000 in USDT between July 11 and July 17.
The stolen funds were funnelled through several crypto addresses before being laundered via accounts on a Cambodian exchange.
The incident underscores the growing threats in the cryptocurrency space in 2024.
Cybersecurity experts note that crypto-related cyberattacks are surging, with access control breaches being a significant source of loss.
As of this year, nearly $1.4 billion in crypto assets have been stolen, with phishing attacks accounting for a substantial portion of these breaches.
To help combat these risks, Bitrace is developing a new “one-click risk check tool” aimed at helping users assess the safety of transactions before they proceed. The company emphasizes the importance of performing a thorough risk check on counterparties before engaging in any transactions.
