Scam Alert

Crypto Paper Wallets Scams Appear On The Streets Of Australia

Australians have been cautioned to avoid suspicious-appearing fraudulent crypto paper wallets that trick users into accessing a profitable crypto wallet but eventually deplete their own cryptocurrency holdings.

Source: NSW Police Force

A November 22 post on the NSW Police Force‘s Facebook page claims that the fraud begins with a paper cryptocurrency wallet with a QR code that is designed to seem like a genuine crypto paper wallet. Scammers scatter these in open spaces like parks or streets.

When a person 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 shown. The individual is then required to pay a withdrawal charge and enter the password for their cryptocurrency wallet to ostensibly move the sum there.

The person’s cryptocurrency is taken from their wallet once the withdrawal fee is paid and the person’s crypto wallet information is given.The country’s regulators are currently tightening regulations on cryptocurrencies, with ASIC recently suspending FTX Australia’s AFS license due to investor safety concerns following the collapse of FTX.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

Coincu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.