TrustIssue
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Trust wallet scammed
3
Aug 2022
Tron multi-sig scam
Trust Wallet Adds a Scam-Prevention Update, Aimed At Tron Multi-Sig scams.
This is a key security UX/UI update for Trust Wallet which benefits both the user experience and scam prevention. Read on to find out more…
What Are The Scams We’re Referring To?
It may be easier to start off by explaining the scam first. So let’s start off with a message which many of you may have seen something similar before. It could have been on a forum, on in comments of social media posts, or sent to you in a DM. But it goes along the lines of this:
“Hey there, I’ve got a wallet with 10k $USDT in it, but I don’t have the available funds to withdraw, could you withdraw for me we will split in half? Here is my Secret Phrase: (and enters the seed phrase to their wallet)”.
This is a common scam, but can be hard to identify if you don’t know what you’re meant to be looking out for. The scammer will give you a genuine Secret Phrase to a wallet they have created and if you enter the seed phrase, you’ll be able to access the wallet. Strange right? And what’s even more strange? The stated $USDT funds are actually in the wallet! Seems too good to be true? Well, because it is.
These scams have caught out newbies and professionals alike.
This is known as a ‘Tron multi-sig scam’. So next, we’ll go into the what Tron multi-sig is:
What is Tron Multi-Signature?
The normal crypto wallet is single-signature. One set of Secret Phrases which have access to the wallet and one point of authority to confirm smart contracts/transactions from.
With Multi-Signature, you guess it! This adds multiple access points by having multiple private keys to access the same wallet. There are 2 methods of access to the Multi-Sig wallets.
For all you Harry Potter fans out there; imagine Lord Voldemort splitting his soul into multiple Horcruxes. Lord Voldemort is the wallet and the
Trust wallet scammed
3
Aug 2022
Tron multi-sig scam
Trust Wallet Adds a Scam-Prevention Update, Aimed At Tron Multi-Sig scams.
This is a key security UX/UI update for Trust Wallet which benefits both the user experience and scam prevention. Read on to find out more…
What Are The Scams We’re Referring To?
It may be easier to start off by explaining the scam first. So let’s start off with a message which many of you may have seen something similar before. It could have been on a forum, on in comments of social media posts, or sent to you in a DM. But it goes along the lines of this:
“Hey there, I’ve got a wallet with 10k $USDT in it, but I don’t have the available funds to withdraw, could you withdraw for me we will split in half? Here is my Secret Phrase: (and enters the seed phrase to their wallet)”.
This is a common scam, but can be hard to identify if you don’t know what you’re meant to be looking out for. The scammer will give you a genuine Secret Phrase to a wallet they have created and if you enter the seed phrase, you’ll be able to access the wallet. Strange right? And what’s even more strange? The stated $USDT funds are actually in the wallet! Seems too good to be true? Well, because it is.
These scams have caught out newbies and professionals alike.
This is known as a ‘Tron multi-sig scam’. So next, we’ll go into the what Tron multi-sig is:
What is Tron Multi-Signature?
The normal crypto wallet is single-signature. One set of Secret Phrases which have access to the wallet and one point of authority to confirm smart contracts/transactions from.
With Multi-Signature, you guess it! This adds multiple access points by having multiple private keys to access the same wallet. There are 2 methods of access to the Multi-Sig wallets.
For all you Harry Potter fans out there; imagine Lord Voldemort splitting his soul into multiple Horcruxes. Lord Voldemort is the wallet and the
The Credibility Crisis: Retail Investors' Trust in BINANCE at Stake ⚠️ 🦺⚠️
Lack of Trust in Tokens, Trust in Binance: ⚠️
Retail investors aren't solely investing in launchpool tokens; they're investing in the Binance platform's credibility. When these tokens fail, it erodes trust in Binance, a platform once considered legitimate and credible.
Investigation Urgently Needed: 💯 🦺
It's imperative for Binance to investigate what's going wrong within their launchpool projects. The promotion of scam projects raises serious concerns about due diligence and oversight. As early adopters, it's our responsibility to demand transparency and accountability.
A Call to Action: 🔊
As someone who has been with Binance since its early days, I feel compelled to raise the voice of retail investors. If you share these concerns, let's come together to ensure our voices are heard. Like and share this post, and follow me as we advocate for a safer and more trustworthy crypto community. It's time for Binance to address these issues before more investors lose trust and seek alternatives.
#binance #LAUNCHPOOLTOKEN #omni #saga #TrustIssue
Retail investors aren't solely investing in launchpool tokens; they're investing in the Binance platform's credibility. When these tokens fail, it erodes trust in Binance, a platform once considered legitimate and credible.
Investigation Urgently Needed: 💯 🦺
It's imperative for Binance to investigate what's going wrong within their launchpool projects. The promotion of scam projects raises serious concerns about due diligence and oversight. As early adopters, it's our responsibility to demand transparency and accountability.
A Call to Action: 🔊
As someone who has been with Binance since its early days, I feel compelled to raise the voice of retail investors. If you share these concerns, let's come together to ensure our voices are heard. Like and share this post, and follow me as we advocate for a safer and more trustworthy crypto community. It's time for Binance to address these issues before more investors lose trust and seek alternatives.
#binance #LAUNCHPOOLTOKEN #omni #saga #TrustIssue
