Scammers are exploiting comments sections on video platforms, sharing seed phrases to lure unsuspecting individuals into a multi-signature wallet scam.
Criminals have discovered a new tactic to target cryptocurrency users, misleading victims into trying to access funds from a multi-signature wallet, ultimately falling prey to the scam themselves.
A recent investigation revealed a scam involving a comment under a finance video, where a user posted their seed phrase and requested assistance in transferring funds from their wallet. This behavior is a significant red flag for experts.
A well-known cryptocurrency founder warned that receiving crypto via private keys or hardware wallets is a risky practice, having observed multiple incidents of this nature.
A seed phrase is a critical sequence of words required to access a cryptocurrency wallet, and sharing it can lead to significant thefts. Experts indicated that the comments appeared to originate from novice users, with many newly created accounts posting similar requests for help in transferring funds.
Within this scam, a thief accessing the wallet would discover Tether (USDT) present. However, to withdraw the funds, they would require TRON (TRX).
“Unfortunately, the wallet doesn’t have enough TRX, so the thief tries to transfer TRX from their own personal wallet — only to find that the tokens they transferred immediately ended up in an entirely different, third wallet.”
The deception lies within the wallet’s multi-signature configuration, which necessitates approval from multiple parties to complete transactions. Consequently, even if the scammer attempts to pay the requisite fees, they will be unable to access the funds.
Experts caution that this scam exemplifies how fraudsters can manipulate even those attempting to steal, urging users to avoid sharing seed phrases and to remain vigilant against similar schemes.
