fake crypto paper wallet

Aussies Conned: fake crypto paper wallet found in public places.

  • Fraudsters plant fake but genuine-looking crypto wallets at beaches, parks and streets.
  • The victim scans the code, enters details, and the account is washed. 
  • Aussies have been duped off 242.5 Australian dollars till Feb 2022. 

Fraudsters are finding new and innovative ways to con people; Australia can be said as a sweet spot for swindlers as the people are already proven to be vulnerable against investment & crypto-related Frauds, having been duped of 242.5 Australian dollars till Feb 2022.

This time, the fraudsters are leaving fake crypto paper wallets in public places like beaches, streets and parks to dupe fun-loving and laid-back Aussies off of their cryptocurrencies. They are now being warned to avoid suspicious-looking fake BTC paper wallets. The said wallet lures the victims, like a Venus flytrap, into accessing a lucrative crypto wallet, which will eventually drain their crypto wallets.  

According to New South Wales Police Force’sForce’s Facebook post, the deceit starts simply as a harmless-looking paper crypto wallet with a genuine-looking QR code, made to look like a legitimate wallet. Then once the victim scans the QR code, they will be directed to click on a link, which will give access to a crypto wallet with up to 16000 Australian dollars ($10800 approx.) The victim is then asked to pay transaction fees/withdrawal fee upfront and provide their wallet credentials to transfer the asset.

“Once the withdrawal fee is paid, and the person’s crypto wallet details are provided, the person’s cryptocurrency is stolen from their wallets.” – NSW police.

The public is advised to be vigilant and on the lookout for such fake crypto paper wallets. And if found, they shall not be scanned under any condition and promptly be handed over to the nearest police station.

The latest deception is not Australia’s first face-off with a crypto con. Over three months ago, a Reddit user experienced a similar incident and reported on the site that they had found a paper crypto wallet and flagged it as a possible racket. After the post, dozens of people from around the country responded to the story by saying that they, too, found a lying paper crypto wallet in the street, on the beach and at parks. 

One user named Pinnymc committed the issue, saying he experienced something similar. He found a wallet, and the mentioned address and its transactions were visible in on-chain data. Making it legitimate, the user got suspicious after the upfront demand of a 0.5% transaction fee came in.

 “If this was a legit wallet, I should be able to withdraw, and transaction fees come out of balance. It’sIt’s such a shame because this looks so legit.”

The AFP (Australian Federal Police) also highlighted the use of crypto by criminals, creating an “emerging threat.” They also admitted the challenge faced due to the constantly changing tactics and methods of crooks. 



, ,