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YEREVAN (CoinChapter.com) — Crypto compliance firm Bitrace has issued a warning about a new crypto scam targeting users through QR codes. Notably, the scam involves deceptive wallet-to-wallet transactions, which have led to losses of over $120,000 in Tether (USDT).
QR Code Scam Alert. Source: Bitrace OTC Token Swap Scam Lures Victims with Fake USDT Payments
The scam begins when fraudsters offer an over-the-counter (OTC) token swap. They suggest bypassing traditional exchanges for a direct wallet-to-wallet transfer. To make the offer more attractive, the scammers promise an exchange rate better than the market. They also offer a small bonus in Tron (TRX) tokens, suggesting long-term cooperation.
To build trust, the scammer sends a small payment in the dollar-linked stablecoin USDT. This initial payment makes the scam appear legitimate, as the user sees real funds entering their wallet.
QR Code Scam Characteristics Revealed. Source: Bitrace QR Code Scam Drains $120K from 27 Wallets in Days
After the initial payment, the scammer requests that the user take part in a “small repayment test.” This test involves returning the USDT by scanning a QR code provided by the scammer. However, instead of processing a simple repayment, the QR code directs the user to a third-party website. This site is designed to steal wallet authorizations.
When the user clicks “confirm,” thinking they are completing the test transaction, they unknowingly give the scammer access to their wallet. Between July 11 and July 17, at least 27 wallet holders lost a collective total of $120,000 in USDT.
Organized Crypto Theft: Funds Funneled to Cambodian Exchange
Once the scammer gains access to the victim’s wallet, they quickly move the stolen funds through several channels. Bitrace reports that the funds were transferred through five intermediary addresses before being deposited into three accounts on the Cambodian crypto exchange Huione.
USDT Chain Flow Analysis. Source: Bitrace
The use of the same wallet in all incidents indicates a calculated and organized operation.
Rising Crypto Threats: $1.4B Stolen in 2024 as Bitrace and Cyvers Fight Back
The warning from Bitrace comes as cyberattacks in the crypto space continue to rise. Cyvers, a cybersecurity firm, reports that the total volume of stolen crypto funds in 2024 is nearing $1.4 billion. $490 million of these losses occurred in the second quarter alone, primarily due to access control breaches like the QR code scam.
Q2 2024 Incident Analysis by Project Type. Source: Cyvers.ai
To address these threats, Bitrace is developing a tool to help users identify risks associated with target addresses.
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