IMPORTANT MESSAGE
SCAM ALERT
PLEASE READ FOR YOUR SAFETY AND FRIENDS OR FAMILY NOT TO BE A VICTIM OF IT....
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.
What is a Tron Multi-Signature Scam?
Tron Multi-signature has 2 separate ways of working. In the case of the scam, it’s usually accessed by 2 Private Keys. However one of the Private Keys can control the funds in the wallet, and one cannot, although both will be able to access the wallet.
The scammer will give out the Secret Phrase that can access the wallet, but cannot control the funds, and the scammer will keep the Secret Phrase that can both access and also fully control the wallet (see the scam-explanation near the top).
The user being scammed will send Tron funds to the wallet to be able to withdraw the $USDT funds out. However the user being scammed doesn’t know that they don’t control the wallet at all. The scammer will just keep withdrawing the Tron funds that the person they are scamming sends into it. The scammer will continue to do this to multiple users, withdrawing the funds out into their own separate wallet and repeat.