Mikhail Sytnik, an analyst at cybersecurity company Kaspersky, pointed out in an article published on Monday that some scammers are targeting digital thieves, using cryptocurrency wallet seed phrases as bait to steal funds deposited as transaction fees.
Many scammers pose as inexperienced cryptocurrency users, publicly posting the seed phrases of wallets that claim to hold funds online, but this is actually a trap.
Sytnik points out that scammers ask in the comments section of YouTube videos how to transfer crypto assets from a cryptocurrency wallet to another wallet, attaching their own wallet seed phrases. Researchers have found that these wallets hold some funds as bait, such as storing a large amount of USD stablecoin USDT on the Tron blockchain, but do not have enough TRX tokens for network transaction fees, leading those wanting to steal funds to believe that transferring a small amount of TRX to this wallet would allow them to steal the money inside.
Kaspersky's article continues to point out that when others transfer TRX to the bait wallet as a transaction fee, the TRX is immediately sent to another wallet controlled by the scammers. Additionally, these bait wallets are set up as multi-signature wallets, requiring multiple authorizations to conduct outbound transactions.
Sytnik explains: 'To authorize outbound transactions from such wallets, the approval of two or more people is required, so even if the 'fee' is paid, USDT cannot be transferred to a personal wallet.'
Transaction records of the bait wallet (Source: Kaspersky)
Sytnik states that in this case, 'the scammers are somewhat like digital Robin Hoods, as this scam mainly targets other wrongdoers.' The researcher suggests not attempting to open someone else's cryptocurrency wallet, even if they provide the seed phrase, and to remain vigilant about any cryptocurrency-related messages from strangers.
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