Cryptocurrencies tend to attract a lot of people with nefarious intentions. The perceived anonymity of Bitcoin is a major selling point in this regard. Canadian scammers are now focusing their attention on utilizing Bitcoin ATMs. An unexpected plot twist which can have major ramifications. .
A Different Bitcoin Scam
It is evident that criminals will come up with new ways to give Bitcoin a bad name. The world’s leading cryptocurrency already has a bad reputation regarding crime. It seems unlikely that the situation will come to change in the near future. In Canada, things only seem to grow steadily worse.
Despite the numerous crypto-related scam models out there, the use of Bitcoin ATMs has never been a big factor. That is, until recently. Actively tricking Bitcoin ATM users is a very different scheme compared to what the industry has gone through over the years. Although this is a relatively isolated incident, for the time being, that situation can change depending on how successful it turns out to be.
The “Malfunctioning ATM Scam”
In a way, this new scam is quite elegant and rather clever. The scammer in question simply puts a note on a Bitcoin ATM claiming it is malfunctioning. In this message, they also provide a QR code for users to scan. This QR code can – according to the scammer – be sued for transaction cryptocurrency. It is a very plausible workaround, although one that will only cost users money.
It does appear this new scam was fairly limited. The scammer primarily targeted users in the Winnipeg area, a region where nearly two dozen Bitcoin ATMs are operational. Of those machines, “just” two carried this note with a malicious QR code. It doesn’t appear anyone lost Bitcoin because of this approach either, which is a positive takeaway from this ordeal.
The Future of Bitcoin ATMs
Incidents like these bring a lot of negative attention to the cryptocurrency industry. That in itself is not worrisome, but it also puts Bitcoin ATMs in a very negative spotlight. This particular aspect of the industry is still struggling a bit. While multiple machines are installed every single day, it seems as if these ATMs simply do not attract that many users.
How this new scam will affect the industry, remains a bit unclear. It seems unlikely that ATM operators can be held responsible for someone willingly pulling off a scam like this. Additionally, there isn’t much one can do about it either. It is up to individual users to spot potentially fake messages like these and act accordingly.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.