ZenGo Researchers: A Major Threat in The Bitcoin Cryptocurrency


ZenGo Researchers: Bitcoin the Cryptocurrency have not lived up to the extension according to an analyst who track Bitcoin market movements and the developments that surround it. Bitcoin Cryptocurrency adoption has failed to live up to the expectation according to prominent analyst and researchers as they suggest that the Cryptocurrency is shrouded and surrounded by all kinds of illegal money laundering charges and scams. In recent times there was another scam that came into light. The scammers and fraudster used the Cryptocurrency as bait and took money from prospective buyers in return of high lucrative returns. The money after the investor had invested the money would roll back to their respective bank accounts within 15 working days.

Image Source: techcrunch.com

Researchers when searched Google, the giant search engine platform, for results asking information on how to generate QR generator the results were shocking. Researchers found out that the search results that Google generated had four scam website out of ten that was on the list. This potential scam website link will further increase the negative sentiments among the public at large around Cryptocurrency and Bitcoin in particular. QR codes are often used to share data via a smartphones’ camera and are commonly used to quickly share a bitcoin or Cryptocurrency wallet address.

Image Source: www.riskscreen.com

Researchers from ZenGo, a leading bitcoin and Cryptocurrency wallet provider, found that if a user of one of these sites tries to generate a QR code for their own bitcoin address, it will create a QR code for the scammer’s wallet. Researchers from ZenGo a leading bitcoin wallet provider calculated that some $20,000 had recently been lost to QR code scams, calling their findings just the tip of the iceberg, as threat actors regularly change their bitcoin and crypto addresses to avoid detection and blacklisting.

Source: Forbes

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