It’s safe to assume that some people prefer using QR Codes rather than wallet addresses simply due to the fact that it’s quicker to do a QR Code scan using a mobile phone.
Due to this, some people resort to using “QR Code Generators” or “converters” to convert a wallet address to a usable QR Code.
- How the scam works
-The victim opens the fraudulent bitcoin address to the QR code converter.
-The victim enters his/her wallet address.
-Instead of giving the victim the QR code of the wallet address he/she entered, the scammer instead displays a QR code of a different wallet address which the scammer owns
-The victim then unintentionally sends funds to the scammer thinking that he/she’s sending the funds to his/her own wallet.
- How to protect yourself
Always double-check if the service you’re using is actually giving you the correct and legitimate QR code.