When you search on google for "Bitcoin QR Code", Four out of the first five results lead to scam websites.
Cryptocurrency wallet ZenGo published a blog on its website on Aug. 29. As per the report and as a part of their ongoing research in the blockchain areas, they set their focus on QR code, as they are adding QR code support for ZenGo wallet. ZenGo noticed and explained how scam QR Code generators allegedly works.
“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.”
A QR code is easy to use, quick, and secure way to share an address when transferring cryptocurrency between two devices. The recipient is required to display the QR code of the wallet address where they want a specific cryptocurrency to be sent. And the sender just needs to scan the recipient’s QR code to send a cryptocurrency. The scam is very simple to understand. If you try to generate your wallet address QR code on the Scammy QR Generator website, the Scammy QR Generator displays a QR of their address instead of just yours. ZanGo also collected some statistics on the success of these scams. Calculating the balance of the scam address, they found the scam worth about $ 20K. And they believe that this is just the tip of the iceberg, as scammers probably change their addresses to avoid detection and blacklisting. Recommendations for users:
If you need to generate or export your wallet address as QR: Generate : If you need a QR code, use a known site, such as your favourite block explorer. Verify: Before sharing the QR, scan it with a wallet app and verify the scanned address is your original address. #BitcoinScam #QRCode #Scam #ScamWebsite #BitcoinQRCodeGenerator #CryptoNews