18.06.2021

Four Out of Five Top Bitcoin QR Code Generators are Scams

QR codes are a way to share data (in this case public keys) in a visual way that can be scanned with devices featuring a camera – usually a smartphone. Such codes are believed by many to be the most convenient way to share a wallet address when in-person – in retail transactions, for example – since it avoids the need to type long strings of seemingly random characters.

Four out of the first five results presented when querying Google for a “bitcoin qr generator” lead to scam websites.

The findings

Cryptocurrency wallet ZenGo wrote the findings in a blog post published on Aug. 29. Reportedly, when researching prior to implementing QR Code support in their wallet, ZenGo learned of the prevalence of scam QR Code generators.

The company explains how the alleged scam works:

“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.”

Successful scams

During their investigation, ZenGo researchers found out that some of those scams have gone as far as also changing the addresses contained in the clipboard to the scam address.

Some, on the other hand, personalized the scam address to be of a similar format to the one provided by the user. Lastly, the company notes that those scams are also successful:

“Summing up the balances of the scammy addresses we had observed, we found out about scams worth about $20K. We assume they are just the tip of the iceberg, as scammers probably change their addresses to avoid detection and blacklisting.”

As Cointelegraph reported in July, the South Korean Justice Ministry estimates that cryptocurrency-related crimes have caused 2.69 trillion won (about $2.28 billion) of financial damage between July 2017 and June 2019.

OKCoin’s Fiat-to-Token Trading Now Available in 7 More US States

San Francisco-based cryptocurrency exchange OKCoin will now offer fiat-to-token and token-to-token trading services to residents of seven more US states.

OKCoin expands services in the United States of America

On Sept. 5, OKCoin, one of the top cryptocurrency exchanges by adjusted volume, announced that its trading services are now available in 7 new US states: Arkansas, Iowa, Kentucky, Mississippi, Pennsylvania, Utah and Wisconsin, which are added to an already extensive list of areas of operation in the US.

Expanding into Europe

Cointelegraph reported in early June that OKCoin had decided to launch its services to non-United States customers, who from that moment were able to deposit and withdraw euros, as well as participate in euro spot trading for cryptocurrencies such as Bitcoin, Ethereum (ETH), and Bitcoin Cash (BCH). Apart from expanding its trading services in Europe, OKCoin opened an office in Malta.

Donation up to 1,000 BTC to developers of BTC, BCH, and BSV

As Cointelegraph reported yesterday, OKCoin pledged to dedicate up to 1,000 BTC to the development of Bitcoin, Bitcoin Cash and Bitcoin SV (BSV). The initiative, called ‘Let’s Build Bitcoin Together,’ is asking crypto enthusiasts to go to the OKCoin platform and cast their vote for the project they would like to receive a donation.

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