Fun

Bitrace warns of new crypto scam using QR codes

News Feed - 2024-08-09 04:08:26

Alex O’Donnell4 hours agoBitrace warns of new crypto scam using QR codesThe scam starts with a small payment of USDT to the user.569 Total views1 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTCOINTELEGRAPH IN YOUR SOCIAL FEEDFollow ourSubscribe onAccording to a social media post by blockchain analysis firm Bitrace, scanning the wrong QR code could drain your wallet. 


Bitrace is warning of a new type of crypto scam “where theft is carried out through a payment QR code transfer test, essentially deceiving users into authorizing wallets.”


According to Bitrace, the scam follows a specific pattern. First, the scammer proposes that the user swap tokens over-the-counter — through a wallet-to-wallet transfer rather than an exchange — and offers an exchange rate that beats the market.


They also offer a fee denominated in Tron’s TRX (TRX) token in exchange for long-term cooperation. To gain the user’s trust, they even make a small payment of USDT (USDT), a dollar-pegged stablecoin.


Related: Crypto exploits near $1.4B this year as hackers target CeFi: Report


That’s when the scammer asks the user to partake in a “small repayment test,” which purportedly involves returning the USDT by scanning a QR code. The QR code directs the user to a third-party website asking them to confirm the “test” transaction. Clicking “confirm” steals the user’s wallet authorization, Bitrace said.


According to Bitrace, at least 27 wallet holders appear to have been victimized, collectively losing around $120,000 in USDT. The attacks took place between July 11 and July 17, and the scammer used the same wallet in every instance.


According to Bittrace, the funds were then moved through five intermediary addresses and into three accounts with Cambodian crypto exchange Huione for laundering.The USDT was funneled through five addresses and into accounts with the crypto exchange Huione. Source: Bitrace


Cyberattacks are on the rise in 2024. According to cybersecurity firm Cyvers, the total volume of stolen crypto funds this year is approaching $1.4 billion.


Access control breaches — often in the form of phishing attacks — accounted for the overwhelming majority of stolen funds, around $490 million in the second quarter alone.


“A risk check on the counterparty’s address before the transaction is crucial,” Bitrace said, adding that the company is developing a “one-click risk check tool to help users identify potential risks associated with target addresses.”


Magazine:Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K# Blockchain# Cryptocurrencies# Altcoin# Security# Payments# Hackers# Cryptocurrency Exchange# Tokens# DeFiAdd reaction

News Feed

Poland Confirms Arrest of Former Wex Exchange Executive in Warsaw
Poland Confirms Arrest of Former Wex Exchange Executive in Warsaw Reports of the detention of Dmitry Vasiliev, ex-head of the bankrupt cryptocurrency exchange Wex, have been confir
Tom Blackstone4 hours agoPaxos confirms it’s responsible for $500K mistaken Bitcoin transactionThe account that paid $500,000 to move $2,000 worth of Bitcoin was a Paxos server, the company stated.3742 Total views13 To
Martin Young5 hours agoVitalik Buterin reveals X account hack was caused by SIM-swap attackThe Ethereum co-founder has regained control of his T-Mobile account, confirming that a SIM-swap attack resulted in the hack of h
NFT ‘ETH in Mellieha’ Set to Go on Auction for Legal Rights to Number Plate
NFT ‘ETH in Mellieha’ Set to Go on Auction for Legal Rights to Number Plate sponsored ETH in Mellieha is the latest in a long line of NFT experiments that aim to challenge tradi
Cointelegraph Innovation Circle8 hours ago15 crypto leaders’ tips for devs moving from Web2 to Web3A developer who’s seeking to make the jump from Web2 to Web3 has to learn both new tech and new truths.533 Total view
Google Trends Data Reveals Searches for ‘Banking Crisis,’ ‘Bank Runs,’ Skyrocket
Google Trends Data Reveals Searches for "Banking Crisis," "Bank Runs," Skyrocket Interest in the U.S. banking crisis has risen greatly over the past two weeks, as shown by Google T
Yuga Labs Sues Artist Ryder Ripps for ‘Scamming Consumers’ and Misusing Bored Ape Trademarks
Yuga Labs Sues Artist Ryder Ripps for "Scamming Consumers" and Misusing Bored Ape Trademarks The creators of the popular non-fungible token (NFT) project Bored Ape Yacht Club (BAYC
Full decentralization will happen in a few years — Layer-2 rollup teams
Christopher Roark10 hours agoFull decentralization will happen in a few years — Layer-2 rollup teamsSeveral layer-2 rollup teams, including those for Linea, zkSync, Arbitrum and Optimism, claimed that full decentraliza
Can voters spot AI deepfakes ahead of the 2024 presidential elections?
Savannah Fortis10 hours agoCan voters spot AI deepfakes ahead of the 2024 presidential elections?Super Tuesday has arrived in the U.S. as it approaches the 2024 presidential election, and the ability to spot AI-generated
Tom Mitchelhill7 hours agoFriend.tech denies report that database of over 100K users was leakedFriend.tech has hit back at a report that suggested that its API leaked personal data of its users.1472 Total views9 Total sh
Bank of Uganda Reportedly Commences CBDC Study
Bank of Uganda Reportedly Commences CBDC Study The Bank of Uganda (BOU) has commenced a study that explores the feasibility of issuing a digital currency. However, an executive wit
Gareth Jenkinson10 hours agoVanEck Ethereum Strategy ETF set for CBOE listingFollowing the U.S. SEC’s approval of spot Ether exchange-traded funds, VanEck has launched its Ethereum Strategy ETF.11319 Total views21 Tota