As the value of Bitcoin remains highly volatile, scams like these exploit the growing interest and confusion surrounding cryptocurrency.

The Bavarian State Criminal Police Office has issued a warning about a new scam involving fake Bitcoin paper wallets being distributed in plastic bags on the streets of Munich.

Criminals are placing these bags on sidewalks, creating the illusion that someone has lost a significant amount of Bitcoin, often accompanied by a fake receipt claiming a value of 10,000 euros.

The main goal of the fraudsters is to extract a fictitious processing fee of around 3%, which is significantly higher than the typical Bitcoin trading fee of 0.5%.

The police emphasize the importance of avoiding scanning any QR codes from these suspicious wallets.

Earlier this year, similar warnings were issued by the Vienna State Police regarding fake paper wallets found in their city.

This warning comes at a time when Bitcoin is gaining acceptance in mainstream finance, with a major German bank recently allowing Bitcoin trading.

Paper wallets, which can be printed at home or obtained from special Bitcoin ATMs, serve as a physical form of cryptocurrency storage, containing public and private wallet keys.

This scheme is designed to entice finders to scan a QR code associated with the fake wallet, leading them to believe they can access lost Bitcoin.

However, scanning the QR code redirects victims to a fraudulent website aimed at collecting personal information under the guise of facilitating a payout.

Victims who pay this processing fee are falsely promised a payout that never materializes.

Individuals are advised not to engage with these fake wallets and to report any found bags to the nearest police station.