This ridiculously simple Bitcoin scam is stealing funds from crypto ATM users, using nothing more than a single piece of paper. | Source: Shutterstock
Many devious scammers will go to extreme lengths to steal your hard-earned crypto funds. However, one Canadian fraudster devised a lucrative Bitcoin scam that’s decidedly more low-tech.
It involves a single piece of paper – and a Bitcoin ATM.
Most Low-Tech Bitcoin Scam Ever?
If you see a poster hung next to a cryptocurrency ATM, chances are high that it’s warning you against falling prey to scams.
But this scammer, who is operating out of Manitoba, is using similar signs to trick inexperienced users into depositing newly-purchased BTC straight into his wallet.
This low-tech Bitcoin scam is surprisingly effective. | Source: Winnipeg Police Service
First, customers are instructed to take a photo of the QR code belonging to the thief’s wallet and then scan it when the ATM asks where they would like to send their funds.
Following the transaction, users are advised to send the receipt and their actual Bitcoin wallet address to an email address supposedly belonging to the ATM manufacturer. The scammers then assure the users that they will get the BTC they purchased in a couple of minutes.
Of course, that turns out not to be the case.
Crypto ATMs Create a Criminal Nuisance in Canada
Canada has a high density of Bitcoin ATMs, making them a target for scammers. | Source: Shutterstock
According to police, the fraudster has been hanging these signs on Bitcoin ATMs throughout Winnipeg.
Winnipeg boasts a total of 31 Bitcoin ATMs, and on a per capita basis, this is a higher concentration than the national average in either Canada or the United States.
With the city’s population estimated at 700,000, that translates into roughly “one crypto vending machine” for every 23,000 people.
Perhaps due to the relatively high Bitcoin ATM concentration, scams involving these devices have become a nuisance in Canada. Two months ago, Vancouver’s mayor proposed banning them following a surge in criminal activity related to these machines.
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