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Cryptocurrency scams are rising, and everyday scammers are using new tricks to steal our money. If you don't understand the difference between a real offer and a fake one, the chances of getting scammed are very high.
When I was new to Crypto, I didn't have any idea about Crypto Scams and one day I received a DM with Crypto Wallet's Recovery Phrase and Private Key.
I was surprised 😯 to see the recovery phrase in my DM but when I imported that recovery phrase into my wallet, I was shocked 😱 to see real 3800 USDT.
Obviously, after looking at that amount anyone would think about withdrawing the money and I was also thinking the same.
However, the wallet didn't have enough $ETH to cover the gas fees so I sent $50 worth of ETH to that wallet because at that time gas fees were between $40-50 USDT.
After sending Ethereum to that wallet, I tried to withdraw the funds but I was unable to withdraw and I started panicking and crying 😭 too.
I was still able to access the wallet but withdrawing wasn't possible then after doing some research I got to know about the multi-signature wallet scam.
What's Multi-Signature Wallet?
Multi-signature wallets require confirmation from two or more owners to approve an outgoing transaction.
This means you can see the balance or deposit more funds but withdrawing isn't possible without the approval of two or more owners.
Scammers create multi-sig wallets and share recovery phrases to scam crypto investors.
That day, I lost $50 USDT but I also learnt that never trust when something is looking too good to be true.
I also did research and got to know about various crypto scams.
I hope you learnt something from my story.
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