{"id":15295,"date":"2022-11-24T04:23:16","date_gmt":"2022-11-24T04:23:16","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/aussies-warned-to-avoid-crypto-paper-wallets-they-find-on-the-street\/"},"modified":"2022-11-24T04:23:18","modified_gmt":"2022-11-24T04:23:18","slug":"aussies-warned-to-avoid-crypto-paper-wallets-they-find-on-the-street","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/aussies-warned-to-avoid-crypto-paper-wallets-they-find-on-the-street\/","title":{"rendered":"Aussies warned to avoid crypto paper wallets they find on the street"},"content":{"rendered":"
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Australians have been warned to stay away from suspicious-looking fake Bitcoin paper wallets, which work by luring victims into accessing a lucrative crypto wallet but will ultimately drain them of their own crypto holdings.<\/p>\n

According to a Nov. 22 post on the Facebook page of the NSW Police Force, the scam starts as a paper cryptocurrency wallet with a QR code, which is made to appear like a legitimate Bitcoin paper wallet. <\/p>\n

These are strewn by scammers in public locations such as streets or parks. <\/p>\n

An example of the scam crypto paper wallets. Source: NSW Police Force\u00a0<\/em><\/figcaption><\/figure>\n

An individual that locates the paper wallet and scans the QR code is directed to click on a link to access a crypto wallet with up to $16,000 Australian dollars ($10,000). <\/p>\n

The person is then asked to pay a withdrawal fee and provide their own wallet credentials that will purportedly allow them to transfer the balance into their own crypto wallet.<\/p>\n

“Once the withdrawal fee is paid and person’s crypto wallet details provided, the person’s cryptocurrency is stolen from their crypto wallets,\u201d explained the NSW police. <\/p>\n

The authorities have advised the public to stay vigilant, and that anybody who finds a paper crypto wallet similar to this should not attempt to scan the QR code, access the account, or supply their private information.<\/p>\n

Instead, they should surrender the wallet to their local police station. <\/p>\n

This is not Australia’s first instance of a paper crypto wallet scam. Over three months ago, a user on Reddit created a thread reporting they had found a paper crypto wallet and flagged it as a possible scam. <\/p>\n

Dozens of other people from all over the country responded with their own stories of finding paper crypto wallets in the street, on the beach, and at parks. <\/p>\n

One user, Pinnymc, commented they almost fell for it because they could see the wallet address and the transactions on-chain. They said the website also appeared genuine. <\/p>\n

However, Pinnymc says they became suspicious because of the 0.5% transaction fee. <\/p>\n

“If this was a legit wallet I should be able to withdraw and the transaction fee comes out of the balance. It’s such a shame because this looks so legit,” said the user.\u00a0<\/p>\n

Related:<\/em><\/strong> \u2018Do not delay\u2019 \u2014 ASIC warns Aussies to look for 10 signs of a crypto scam<\/em><\/strong><\/p>\n

Australians have already proven to be particularly\u00a0susceptible to investment and crypto-related scams this year, losing 242.5 million Australian dollars to scammers so far in 2022, according to data from the Australian consumer watchdog’s Scamwatch website.\u00a0<\/p>\n

The country’s federal law enforcement agency has also\u00a0highlighted the criminal use of crypto as an “emerging threat” but says it’s a challenge to keep pace with criminals who are constantly changing tactics and methods. <\/p>\n