The New South Wales Police Force has warned Australian crypto investors to avoid fake Bitcoin paper wallets.
Such wallets attract victims with crypto wallets with seemingly great benefits but gradually steal holdings from the owners.
The NSW Police Force wrote in a Facebook post that scams began as a paper crypto wallet with a QR code. Scammers leave paper wallets in public spaces such as streets and parks, they warned.
People scanning the QR codes for the wallets receive access links to crypto accounts with $16,000 Australian Dollars, but then users are requested to pay withdrawal fees and wallet credentials.
The NSW Police Force added: “Once the withdrawal fee is paid and the person’s crypto wallet details provided, the person’s cryptocurrency is stolen from their crypto wallets.”
Authorities have informed people to remain vigilant and avoid scanning paper QR codes or entering their personal credentials. They have been advised to turn in the wallets to local authorities.
Australia has been hit by previous paper crypto wallet scams, namely after Reddit users flagged a similar incident circulating in public places.
One user Pinnymc warned of the 0.5 percent transaction fee, stating: “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.”
According to Australia’s consumer watchdog site, Scamwatch, Australia has lost $242.5 million AUD to scammers in 2022 alone, leading authorities to monitor and respond to changing criminal activity.
