In recent months, reports have increased regarding a new and particularly devious scam targeting people's curiosity and desire for easy money. Scammers are using fake Bitcoin paper wallets to trick unsuspecting passersby into giving away their personal information, leading to serious consequences. In this article, we explain how this scam works and how you can protect yourself.
What is Bitcoin?
Bitcoin is the first and most well-known cryptocurrency, launched in 2009. Unlike traditional currencies, Bitcoin is not controlled by any central institution, such as a bank or government. Instead, Bitcoin is based on a technology called blockchain, a public and decentralized ledger that records all transactions transparently and immutably.
This decentralization makes Bitcoin particularly attractive, as it is almost impossible to manipulate. Bitcoin can be stored in various ways, including in digital wallets (electronic wallets) and on so-called paper wallets. These paper wallets are at the heart of the new scam currently making headlines.
What is a Paper Wallet?
A paper wallet is essentially a printed version of a digital wallet. It contains the necessary information to access the cryptocurrencies stored on it. This is usually done through a QR code containing the private key, and sometimes as a seed phrase, a series of words that also grant access to the wallet.
Anyone in possession of such a paper wallet theoretically has full control over the Bitcoins stored on it. Scammers are now exploiting this feature to trap their victims.
How Does the Scam Work?
The scammers prey on people’s curiosity and hope for an unexpected windfall. They place small, transparent plastic bags in well-trafficked areas, such as sidewalks or parking lots. Inside these bags is a fake Bitcoin paper wallet, along with a fake payment receipt, usually indicating a large sum, often around 10,000 euros.
The finder of the bag might think they've gotten lucky and discovered a hidden treasure. The next logical step for many would be to scan the QR code on the paper wallet to see if the Bitcoins are real. This is where the trap springs shut.
Instead of being directed to a legitimate wallet site, the finder is taken to a very convincing but fake website. There, they are told they can withdraw the Bitcoins for a small fee of about 3%. However, they first need to enter their personal bank details.
Once the finder enters this information, the supposed fee is deducted from their account, but the promised Bitcoins are never credited. Instead, they receive only error messages, and the scammers now have access to their bank details. In the worst-case scenario, the scammers also have their credit card information, which they can quickly exploit.
What Should You Do if You Find One?
If you happen to find such a bag with a Bitcoin paper wallet, it’s important to stay calm and resist the temptation to scan the QR code. Although the prospect of an unexpected windfall is enticing, always remember that such offers are often too good to be true.
The police strongly advise that you turn the item in at the nearest police station. This not only protects you but also helps prevent others from falling victim to this scam. Reporting such cases is essential to help the authorities track down the scammers and potentially protect future victims.
Conclusion
This new scam is a reminder of how creative and ruthless criminals can be in their attempts to steal money and personal data from unsuspecting citizens. The best protection against such scams is vigilance and common sense. If something sounds too good to be true, it probably is. If you come across a supposed Bitcoin paper wallet, it’s wise to hand it over to the police immediately and never scan the QR code or enter personal information on suspicious websites.
Stay alert and don’t let the prospect of easy money cloud your judgment. In case of doubt, it’s always better to play it safe and avoid unnecessary risks.
