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Aussies warned to avoid crypto paper wallets

The user is then required to pay a withdrawal fee and enter the password for their personal cryptocurrency wallet in order to transfer the balance there ostensibly.

Aussies warned to avoid crypto paper wallets
When a user finds the paper wallet and scans the QR code, a link leading to a cryptocurrency wallet with up to $16,000 Australian dollars ($10,000) is displayed.

Australians have been cautioned to avoid suspicious-appearing fake Bitcoin paper wallets that trick users into accessing a good crypto wallet but ultimately deplete their own cryptocurrency holdings, as reported by Cointelegraph.

A Nov. 22 post on the NSW Police Force’s Facebook page claims that the scam begins with a paper cryptocurrency wallet with a QR code designed to look like a genuine Bitcoin paper wallet, Cointelegraph further noted.

Scammers scatter these in open spaces like parks or streets.

When a user finds the paper wallet and scans the QR code, a link leading to a cryptocurrency wallet with up to $16,000 Australian dollars ($10,000) is displayed.

The user is then required to pay a withdrawal fee and enter the password for their personal cryptocurrency wallet in order to transfer the balance there ostensibly.

According to data from the Australian consumer watchdog’s Scamwatch website, 

According to Cointelegraph, Australians have already shown themselves to be particularly vulnerable to investment and cryptocurrency-related scams this year, losing 242.5 million Australian dollars to con artists thus far in 2022.

The nation’s federal law enforcement agency has also called attention to the criminal use of cryptocurrencies as an “emerging threat,” but claims it is difficult to keep up with offenders who frequently alter their strategies, Cointelegraph further noted.

(With insights from Cointelegraph)

Also Read: USD740M in crypto assets recovered in FTX bankruptcy so far

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