ZenGo Presents Report On Scam Bitcoin QR Code Generators

The survey was conducted and the outcome was revealed though a blog post by cryptocurrency wallet provider ZenGo, which began its research …
Market NewsSeptember 6, 2019 by Kelly Cromley

A Google search result survey indicated that four of the top five websites listed for a query on Bitcoin QR indicators were scam sites. The survey was conducted and the outcome was revealed though a blog post by cryptocurrency wallet provider ZenGo, which began its research before incorporating QR Code support in its wallet. ZenGo, which understood that crypto market is flooded by scam QR Code generators, explained how the scam works:

“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.”

QR codes enables sharing information (public keys in case of wallets) in a visual manner so that it can be scanned with gadgets featuring a camera, a smart phone for example.

It is the easiest way to share address of a wallet, particularly while carrying out transactions at retail venues as it avoids the need to key in complex string of characters.

ZenGo, in its investigation, discovered that some of the fraudulent QR Code generators have gone to the extent of modifying the address saved in the clipboard. In other cases, the scam address is customized to resemble the format of the address provided by the user. Finally, ZenGo has pointed out that some of those scams have turned out to be successful.

“Summing up the balances of the scammy addresses we had observed, we found out about scams worth about $20K. We assume they are just the tip of the iceberg, as scammers probably change their addresses to avoid detection and blacklisting.”

In July, the South Korean Justice Ministry revealed that illegal activities related to cryptocurrency have resulted in financial loss to the tune of 2.69 trillion won between July 2017 and June 2019.

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Four Out of Five Top Bitcoin QR Code Generators are Scams: Report

Cryptocurrency wallet ZenGo wrote the findings in a blog post published on Aug. 29. Reportedly, when researching prior to implementing QR Code …

Four out of the first five results presented when querying Google for a “bitcoin qr generator” lead to scam websites.

The findings

Cryptocurrency wallet ZenGo wrote the findings in a blog post published on Aug. 29. Reportedly, when researching prior to implementing QR Code support in their wallet, ZenGo learned of the prevalence of scam QR Code generators. The company explains how the alleged scam works:

“These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.”

QR codes are a way to share data (in this case public keys) in a visual way that can be scanned with devices featuring a camera — usually a smartphone. Such codes are believed by many to be the most convenient way to share a wallet address when in-person — in retail transactions, for example — since it avoids the need to type long strings of seemingly random characters.

Successful scams

During their investigation, ZenGo researchers found out that some of those scams have gone as far as also changing the addresses contained in the clipboard to the scam address. Some, on the other hand, personalized the scam address to be of a similar format to the one provided by the user. Lastly, the company notes that those scams are also successful:

“Summing up the balances of the scammy addresses we had observed, we found out about scams worth about $20K. We assume they are just the tip of the iceberg, as scammers probably change their addresses to avoid detection and blacklisting.”

As Cointelegraph reported in July, the South Korean Justice Ministry estimates that cryptocurrency-related crimes have caused 2.69 trillion won (about $2.28 billion) of financial damage between July 2017 and June 2019.

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ADNAS moves into DNA traceability for down & feather

Stony Brook, NY – Applied DNA Sciences Inc. has put another feather in its cap, so to speak. The trailblazer in PCR-based DNA manufacturing for …

Stony Brook, NY – Applied DNA Sciences Inc. has put another feather in its cap, so to speak.

The trailblazer in PCR-based DNA manufacturing for product authenticity and traceability solutions, announced a sales and marketing partnership with Navarpluma that extends Applied DNA’s Textiles business to include the global down and feather supply chain.

A technological advance by Applied DNA allows Navarpluma S.L. to use the SigNature DNA system to its trace down & feather supply chain. Navarpluma will be the first to offer this new system to its customer base.

In 2004, Navarpluma built a new, modern factory in Northern Spain. Working with the French company Ets Abel Crabos and with new state- of-the-art facilities for down and feather production, Navarpluma is able to market approximately 5,000 tons of feather and down material per year to clients around the globe.

“Use of Applied DNA’s SigNature DNA system gives Navarpluma the ability to validate the provenance of raw materials used. This ability conveys a significant competitive advantage to our products in the marketplace and to those products manufactured from our raw materials,” said Benjamin Dix, export manager at Navarpluma.

Tony Benson, Applied DNA’s managing director for EMEA, cited Navarpluma’s reputation in the market as an innovative and forward-thinking supplier known for its advances in technology.

“Traceability has been a key goal for them over the past several years,” Benson noted. “Being first-to-market with end-to-end traceability of its supply chain should attract new clients to Navarpluma while also creating stickier relationships with its customer base.”

This marks Applied DNA’s first foray into the growing down feather market, which it said was valued at $5.9 billion in 2017 and is expected to reach $10.25 billion by the end of 2025.

Home Textiles Today Staff//News & Commentary

Home Textiles Today is the market-leading brand covering the home and textiles markets, offering a comprehensive package of print and online products. Home Textiles Today provides industry news, product trends and introductions, exclusive industry research, consumer data, store operations solutions, trade show news and much more.

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Down is up at Applied DNA, with the good stuff

Stony Brook-based supply-chain security specialist Applied DNA Sciences announced Thursday a new sales and marketing partnership with …
By GREGORY ZELLER //

An aggressive Long Island biotech is getting down, literally, with another global textiles supplier.

Stony Brook-based supply-chain security specialist Applied DNA Sciences announced Thursday a new sales and marketing partnership with Navarpluma, a premier supplier of down and feathers to worldwide textiles manufacturers.

Financial terms of the deal were not disclosed, but this latest collaboration with an international partner will see Applied DNA’s SigNature DNA molecular-tracking system applied to Navarpluma’s products, which are shipped from the company’s home base in Navarre, Spain, to some of the planet’s busiest manufacturers and most prestigious brands.

Navarpluma Export Manager Benjamin Dix said the Applied DNA partnership would help the distributor of sustainable filling materials for bedding and apparel “establish a new gold standard for traceability that can be relied on by our clients and their customers.”

“Use of Applied DNA’s SigNature DNA system gives Navarpluma the ability to validate the provenance of raw materials used,” Dix added. “This ability conveys a significant competitive advantage to our products in the marketplace.”

The music and lyrics are increasingly familiar for the Stony Book biotech, which over the past 24 months has rapidly proliferated its DNA-based security protocols through an impressive cross-section of global industries. The Navarpluma collaboration is Applied DNA’s first foray into the down-feather market, but not its first push into textiles, with prior supply-security deals benefitting leather-goods makers in the United Kingdom and chemical/synthetic materials manufacturers throughout Asia.

The company has also caught on with legalized marijuana concerns in Canada, pharmaceuticals manufacturers in Pennsylvania, pharma-nutra conglomerates in India, fertilizer distributors in Turkey, penmakers in Germany and other diverse businesses in disparate locations – making the Navarpluma deal, from some perspectives, just another day at the office.

But with the global down-feather market currently valued around $6 billion – and projected to pass $10 billion by the end of 2025 – it’s a pretty good day, according to Tony Benson, Applied DNA’s managing director for Europe, the Middle East and Africa.

“Navarpluma’s reputation in the market is that of an innovative and forward-thinking supplier known for employing new advances in technology to improve their products for their clients,” Benson said Thursday. “Traceability has been a key goal for them over the past several years, and their use of the SigNature DNA system … enables an industry first: the full traceability of down and feathers.

“Being first-to-market with end-to-end traceability of its supply chain should attract new clients to Navarpluma, while also creating stickier relationships with its customer base,” Benson added.

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Applied DNA extends textiles business

Applied DNA Sciences, a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions, has announced a sales and …

Navarpluma markets around 5,000 tons of feather and down material per year to clients around the globe. © NavarplumaApplied DNA Sciences, a leader in PCR-based DNA manufacturing for product authenticity and traceability solutions, has announced a sales and marketing partnership with Navarpluma that extends Applied DNA’s textiles business to include the global down and feather supply chain.

Formalisation of the partnership between the two companies follows the completion of a technological advance by Applied DNA to utilise its SigNature DNA system to allow for traceability of materials in the down and feather industry. Navarpluma, a premier supplier of down and feathers to the textiles industry, will be the first to offer this new system to its customer base that counts some of the world’s most prestigious brands as clients.

“Use of Applied DNA’s SigNature DNA system gives Navarpluma the ability to validate the provenance of raw materials used. This ability conveys a significant competitive advantage to our products in the marketplace and to those products manufactured from our raw materials,” said Benjamin Dix, Export Manager at Navarpluma. “We are very pleased to pioneer Applied DNA’s SigNature DNA system in our industry to establish a new gold standard for traceability that can be relied on by our clients and their customers.”

This is Applied DNA’s first foray into the growing down feather market, which was valued at US$ 5.9 billion in 2017 and is expected to reach US$ 10.25 billion by the end of 2025, with a CAGR of 7.5% between 2017 and 2025.

“An industry leader, Navarpluma’s reputation in the market is that of an innovative and forward-thinking supplier known for employing new advances in technology to improve their products for their clients,” said Tony Benson, Applied DNA’s Managing Director for EMEA.

“Traceability has been a key goal for them over the past several years, and with their use of the SigNature DNA system – SigNature DNA forensic molecular tag together with hand-portable SigNify in-field testing equipment aggregated under our CertainT brand– enables an industry first: the full traceability of down and feathers. Being first-to-market with end-to-end traceability of its supply chain should attract new clients to Navarpluma while also creating stickier relationships with its customer base.”

www.adnas.com

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