BitAddress.org – Beware Of Possible Scam

Bitaddress.org is a resource anyone can use in order to create a printable paper Bitcoin wallet.

A paper wallet is supposedly the most secure way of storing cryptocurrency for a number of reasons. Firstly, the currency is stored offline, making it impossible to lose funds if a website is attacked, does an exit scam or somehow goes down.

Secondly, you are in control of and hold the private keys of the wallet, making it impossible for anyone to steal your private keys from an online location.

But this wasn’t the case for one of the bitGuru team members.

In July 2017, around 0.179 BTC (£762 / $1004) was placed in an offline paper wallet for safe keeping.

bitaddress.org scam warning

As you can see from the above screenshot, just 30 minutes after the Bitcoin was sent, it was taken back out!

Only a team member or hacker from bitaddress.org could have done this!

We searched for the wallet the funds were withdrawn to, and it’s clear this scammer has stolen a very large amount of money by doing the same thing to other users!

bitaddress scam

bitaddress scam in operation

You can see from the above screenshots that the attackers began stealing funds at 3pm, continuing over 15 hours and stealing over 7 BTC (£29,800 / $39,000) before withdrawing it all just 28 hours after they started!

11 transactions were made in total, with the largest single transaction being a hefty 2.6185 BTC (£11,160 / $14,700)!

Many of the victims will still likely be unaware, given most of those whom choose to keep their Bitcoin in a paper wallet do so over the long term.

Please everyone be aware! We can’t be certain whether this is an inside job, maybe bitaddress.org selectively scam their users, or maybe some clever hackers, but regardless, this happened and it is out of order!

The Bitcoin network is designed to eliminate the need for trust, but scammers will always exist, so please be careful when sending your cryptocurrency!

If you’ve sent any Bitcoin to bitaddress.org recently, please check and make sure you haven’t been a victim of this scam! With no contact information on the site, it’s now apparently impossible to get the Bitcoin back.

The guide on Coindesk recommends the use of bitaddress.org for creating a paper wallet, but please do be careful!

The wallet was turned offline immediately after the Bitcoin was confirmed to have been sent!

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By | 2017-10-17T21:18:35+00:00 October 17th, 2017|Token Review|0 Comments

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