Study Shows 4 Out of 5 QR Generators Fake
The world of Bitcoin and cryptocurrencies can be amazingly interesting, but also dangerous sometimes. There have been a number of high profile scams that have preyed on individuals in this space. The majority of such scams tends to be phishing scams, which means lookalike websites that fool users into thinking they are legit. These sorts of scams can common in the world of cryptocurrencies and most big exchanges are fighting the practice.
In a study released by Ouriel Ohayon, CEO of ZenGo a crypto wallet, concluded that 4 out of 5 Bitcoin QR code generators on Google are a scam.
Drum Roll.— Ouriel Ohayon (@OurielOhayon) August 29, 2019
Top 4/5 of Bitcoin QR code generators on Google are scams. Already money lost and traced. Alerted intelligence services. Details belowhttps://t.co/QFquhxa3Ld https://t.co/FqZQ8w4qKK pic.twitter.com/FQGnkXVDtJ
Bitcoin QR Codes
QR code generators tend to be used in mobile phone transactions of Bitcoin. A QR code is scanned which usually contains the recipients address, which later receives Bitcoin as a payment. This is seen as a very easy way to transfer Bitcoin on the go by using your mobile phone. It allows people to avoid the hassle of typing in a 27-34 character address.
Unfortunately, it seems that the majority of these QR code generators are clever scams. While it may seem that the recipients address is correctly typed in, the QR will display a scammer's address on transfer. The funds will then be forever lost to the scammer.
With the study concluding that 4 out of 5 Bitcoin QR code generators on Google are a scam, one should probably avoid non-authorized QR generators. The safest way, albeit a bit inconvenient is typing your public key and verifying it before transfer.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado