Low-Tech Bitcoin Scam Dupes ATM Users With A Piece Of Paper

Low-tech bitcoin scam managed to steal hundreds of dollars from investors by using a simple technique which we are discussing more in the latest cryptocurrency news today.

Many scammers will choose more extreme lengths to steal the investors’ hard-earned crypto funds but this Canadian crypto fraudster came up with a low-tech bitcoin scam that turned out to be very lucrative for him. This scam involves a piece of paper and a Bitcoin ATM. Usually, most of the Bitcoin ATMs around the world have a poster hung up next to them warning the traders and investors to vary of falling prey to scams. However, this scammer who is operating out of Manitoba is using other tricks to trick the inexperienced users into depositing newly-purchased BTC straight into his wallet.

At first, the customers are instructed to take a photo of the QR code that is actually in property of the thief’s wallet and then they have to scan it when the ATM asks where they would like to send their funds. Following the transaction, the users are later advised to send the receipt and their actual BTC wallet address to an special email address which is belonging to the ATM manufacturer supposedly. The scammers then are assuring the user that they will get the BTC that they purchased in just under a few minutes but of course this turns out not to be the case.

According to the police reports, the fraudster has been hanging such signs on multiple Bitcoin ATMs around Winnipeg.
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Winnipeg has about 31 bitcoin ATM machines and on a per capita basis, this represents a bigger concentration that the national average in the United States or in Canada. The city has a population of more than 700,000 which translates into roughly ‘’one crypto vending machine’’ for every 23,000 people. Maybe because of the relatively high Bitcoin AMT concentration, the scams that involve low-tech devices have become a nuisance in Canada. Just two months ago, the mayor of Vancouver proposed banning the crypto ATMs in the city after there was a surge in criminal activity that was related to the machines as we read in the reports in the altcoin news previously.