Australians have been warned to stay away from suspicious-looking fake Bitcoin paper wallets, which work by luring victims into accessing a lucrative crypto wallet but will ultimately drain them of their own crypto holdings.
According to a Nov. 22 post on the Facebook page of the NSW Police Force, the scam starts as a paper cryptocurrency wallet with a QR code, which is made to appear like a legitimate Bitcoin paper wallet.
These are strewn by scammers in public locations such as streets or parks.
An example of the scam crypto paper wallets. Source: NSW Police Force
An individual that locates the paper wallet and scans the QR code is directed to click on a link to access a crypto wallet with up to $16,000 Australian dollars ($10,000).
The person is then asked to pay a withdrawal fee and provide their own wallet credentials that will purportedly allow them to transfer the