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Bitcoin ATM question elderly neighbor almost scammed

kirbyrj

kirbyrj

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Long story short my elderly neighbor was contacted by a scammer and was convinced that she had to give them $20,000 in Bitcoin. The good news is, she did not give them access to the wallet because the kid behind the counter at the Bitcoin ATM told her she was being scammed.

So now she's trying to convert it back to USD. All she has from the Bitcoin ATM is a QR code with a bc1 address which I am guessing is a private key encoded onto a QR code. Does anyone know any iOS compatible wallets that let you import from QR code? I was just going to import it into a wallet and then transfer it to coinbase so she could cash it out. Unless somebody has a better idea?
 
Can she not just cash back out from the atm machine? Might have to do it over a week or two. Though I don't know how long moving 20k around would take over coinbase so could be a wash either way.
 
Umm, its kinda a pain to withdraw 20k usd in crypto thanks to us kyc and money laundering laws. If you setup a online exchange you need to test small amounts first, don't transfer it all to a coinbase account and try and withdraw. Btc atms normally aren't the best for getting close to spot rate.

Setup a exchange account, it will require all her identity info and there will be a implied tax obligation from withdrawing lots of crypto. Test it with small amounts then routinely withdraw a few k. It used to take like 2 weeks to get coinbase to work with any reasonable amounts.

Does she desperately need the money back? Btc is likely going up in the next few months and it could be fun if this near scam actually earns her money.

Familiarize yourself with proper wallets and security, this is enough money you really don't want to mess up.
 
kirbyrj said:
Long story short my elderly neighbor was contacted by a scammer and was convinced that she had to give them $20,000 in Bitcoin. The good news is, she did not give them access to the wallet because the kid behind the counter at the Bitcoin ATM told her she was being scammed.

So now she's trying to convert it back to USD. All she has from the Bitcoin ATM is a QR code with a bc1 address which I am guessing is a private key encoded onto a QR code. Does anyone know any iOS compatible wallets that let you import from QR code? I was just going to import it into a wallet and then transfer it to coinbase so she could cash it out. Unless somebody has a better idea?
Click to expand...
Electrum on PC can import and manage single private address safely. But on iOS, I don't know.
 
cdabc123 said:
Umm, its kinda a pain to withdraw 20k usd in crypto thanks to us kyc and money laundering laws. If you setup a online exchange you need to test small amounts first, don't transfer it all to a coinbase account and try and withdraw. Btc atms normally aren't the best for getting close to spot rate.

Setup a exchange account, it will require all her identity info and there will be a implied tax obligation from withdrawing lots of crypto. Test it with small amounts then routinely withdraw a few k. It used to take like 2 weeks to get coinbase to work with any reasonable amounts.

Does she desperately need the money back? Btc is likely going up in the next few months and it could be fun if this near scam actually earns her money.

Familiarize yourself with proper wallets and security, this is enough money you really don't want to mess up.
Click to expand...

I'm good with that part. The part is I don't know how to get from a QR code spit out by the ATM into coinbase. She called me today she already set up a coinbase account.

I actually told her she should just hang on to it until she needs it. But I think she's going to leave some of it in there but probably cash out a lot of it unfortunately.
 
pioruns said:
Electrum on PC can import and manage single private address safely. But on iOS, I don't know.
Click to expand...

I was looking at trustwallet and maybe Exodus. I couldn't figure out a way to make trust wallet import the QR code though.
 
kirbyrj said:
I was looking at trustwallet and maybe Exodus. I couldn't figure out a way to make trust wallet import the QR code though.
Click to expand...
Electrum has QR scanner built-in. ATM receipt with QR may have string of letters on the bottom, it will be the proper private key for bc1... address. If not, keep looking for way a to scan it.
 
cdabc123 said:
<removed>
Does she desperately need the money back? Btc is likely going up in the next few months and it could be fun if this near scam actually earns her money.

Familiarize yourself with proper wallets and security, this is enough money you really don't want to mess up.
Click to expand...
I have had a friend who had a near miss scam. It was almost successful but later failed. I advised him to leave the money in BTC considering he almost lost it to scammers. He didn't agree to leave the money, he needed platform to double it within a short period. He ended up being scammed for a second time. After a long time, I was able to calculate for him how much he would have made in BTC assuming he didn't sell. He surely regretted.
 
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