A new cryptocurrency scam has been uncovered, where scammers are using a clever tactic to exploit opportunistic thieves. By publicly sharing seed phrases, scammers are setting up “bait wallets” that entangle would-be thieves in a deceptive scheme.
How the Scam Works
According to cybersecurity firm Kaspersky, scammers are posting crypto wallet seed phrases on YouTube comments using newly created accounts. The comments appear to be from inexperienced users seeking help transferring USDT, a stablecoin, to another wallet. However, the seed phrase shared is actually the key to a multi-signature wallet, requiring multiple approvals to authorize transactions.
The Trap
When a thief attempts to transfer USDT, they discover that the wallet lacks enough TRX to cover the transaction fee. When they try to send TRX from their own wallet, the tokens are rerouted to a completely different wallet. This setup ensures that even the most opportunistic thief cannot easily steal the funds.
Targeting Other Criminals
Kaspersky’s investigation reveals that the scam primarily targets other criminals, tricking them into becoming the victims. By impersonating inexperienced crypto users, the scammers deceive thieves into attempting to steal funds that they ultimately cannot access. This clever scheme has been likened to a “digital Robin Hood” tactic, targeting other crooked individuals.
Protecting Yourself
To avoid falling victim to this scam, it’s essential to be cautious when encountering suspicious comments or requests for help on social media platforms. Never share your seed phrase or attempt to access a wallet that you don’t own.
Source: Cryptopotato.com
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