Published on augustus 9, 2024, 12:28 am
Image source: Fox News
```json [ "TLDR: Bitrace warns about a new crypto scam involving deceiving users into authorizing wallet transactions with a token swap offer. Scammer sends small payment to build trust, then tricks users into confirming a QR code which steals wallet authorization. 27 victims lost $120,000 in USDT laundered through exchanges. Cybersecurity threats rising, with reported thefts reaching $1.4 billion this year. Bitrace developing 'one-click risk check tool' to enhance security for cryptocurrency transactions." ] ```
A recent warning has been issued by blockchain analysis firm Bitrace regarding a new type of crypto scam that involves deceiving users into authorizing wallet transactions. The scam begins with the scammer proposing an over-the-counter token swap and offering favorable exchange rates. To build trust, they make a small payment of USDT, a stablecoin pegged to the US dollar.
Subsequently, the scammer requests the user to participate in a “small repayment test” by scanning a QR code purportedly to return the USDT. However, unsuspectingly clicking “confirm” on the third-party website linked to the QR code results in stealing the user’s wallet authorization.
Bitrace reports that approximately 27 wallet holders fell victim to this scam, collectively losing around $120,000 in USDT between July 11 and July 17. The stolen funds were then laundered through intermediary addresses and transferred to accounts on Cambodian crypto exchange Huione.
Cybersecurity threats are escalating this year, with reported thefts nearing $1.4 billion. Access control breaches, especially through phishing attacks, accounted for a significant portion of the stolen funds — around $490 million in the second quarter alone.
To help users identify potential risks associated with target addresses, Bitrace announced that they are developing a “one-click risk check tool.” This tool aims to provide users with enhanced security measures when conducting transactions within the cryptocurrency space amidst rising cyber threats.
Original article posted by Fox News
