Is there such a thing as giving away money for free? Especially in the crypto market. 🍕☕
Let's take a look at how the mnemonic phrase routine is used to defraud money. 👈
You will often see some people in the comment section saying that they have withdrawn from the market, and at the same time, they send out the mnemonic phrase and say that they will give the remaining money in the wallet to the right person.
1. First of all, the mnemonic phrase wallet he gave you is a multi-signature wallet, which means that even if you have the mnemonic phrase, you have no authority to transfer the money in it.
2. At the same time, the transfer requires gas fees, and the chains he uses are generally Ethereum, and there are also chains such as Sol, because the gas fees of these chains are relatively high. If you see that there is money in it and transfer the gas fee into it, he will use scripts or faster ways to quickly transfer the gas fee you transferred into other wallets.
3. This is to cast a wide net and trick multiple people into transferring gas fees. One wallet can deceive many people. Even if you suffer a loss, it is difficult to protect your rights and the money you are deceived is not much. Most people are just paying for a lesson.
4. You may think that you can't make much money from this, but a little bit of money can make a lot, and it can't withstand a lot of people.
So it's better not to be greedy for small gains, especially when it comes to wallet transfers, authorizations, on-chain interactive contracts, etc.!
