According to a recent report published by crypto wallet ZenGo, 4 out of 5 Google search results for "bitcoin QR code generator" lead to fraudulent sites.
Crypto wallet ZenGo, which planned to add support for QR codes to its service, decided to conduct an investigation before implementing this new feature, and the results have been surprising.
According to the research, the vast majority of services that offer the possibility to generate QR codes are scams. The company has described how they work:
"These platforms generate a QR code that encodes an address controlled by the scammers instead of the address requested by the user, thus redirecting all payments for this QR code to the scammers."
In other words, scammers basically provide users with a QR code that transfers all payments made through it to their wallets and not the users'.
QR codes are a very popular tool for crypto payments, as they avoid the need to enter the long wallet addresses manually, which should prevent funds from being lost as a result of the typo while entering the address. However, users must made sure that they generate their QR coders in reliable platforms, since they might end up sending their funds to scammers.
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