Very Simple Bitcoin Scam Cheats ATM Users

By Adrian Cruce

There are countless scams going on in the cryptocurrency industry. Some of the scammers created highly complex schemes in an attempt to steal crypto funds. However, others are very lucrative and low-tech, like the one presented here.

The new Bitcoin scam going on in Canada right now involves one sheet of paper and an ATM for Bitcoin.

Is this the lowest-tech scam with Bitcoin ever?

A poster is usually added close to cryptocurrency ATMs at the moment, warning people against BTC scams. However, one of the posters recently added is actually a scam that tries tot trick the inexperienced users. The goal is to get them to deposit the BTC they bought directly into the wallet of the owner.

The customer is initially instructed to photograph a QR code that belongs to the wallet of the thief. Then, it is scanned when the ATM is asking where the funds should be sent. After the transaction is done, the user is advised to send the received receipt and the actual wallet address to a written email that belongs to the “manufacturer of the ATM”. This is definitely incorrect. The BTC scammer assures users that if these steps are taken, the BTC is received in a few minutes, which is not what happens.

In Canada there are many Bitcoin ATMs that can be used right now, so scammers take advantage of this. The local police said that the fraudster in this case hanged the signs on numerous BTC ATMs all throughout Winnipeg. This includes 31 total ATMs, a concentration per capita that is higher than the average in both USA and Canada as a whole.

The population of the city is around 700,000. This means there is a Bitcoin ATM machine for around 23,000 people.

Because of this large concentration, the scams that involve the ATMs are more prevalent than ever. The mayor of Vancouver actually proposed banning them because of the criminal activity surge that followed after installation.