Scammers are using a clever new strategy whereby they post the seed phrases of apparently well-funded wallets online while posing as naïve crypto users. The scheme aims to lure robbers who attempt to steal the money, only for the scammers to reverse course and steal cryptocurrency from their intended victims.
Cybersecurity researchers at Kaspersky claim that scammers are sharing these false wallet credentials on finance-related channels like YouTube. In these videos, scammers present a seed word for others to use, posing as individuals seeking guidance on moving cryptocurrencies such as Tether (USDT).
We design the bait wallets with purpose. One wallet Kaspersky came across, for instance, had about $8,000 USDT on the Tron network. To access the money, a thief must first send a meager amount of Tron (TRX) to cover network fees. Still, the fraud continues elsewhere.
Designed as multisignature wallets, the bait wallets call for several approvals for any transaction. When the thief sends TRX to the bait wallet, the scammers instantly send the tokens to another wallet. Despite their efforts to pay the fees, the thief is unable to access the original wallet.
Kaspersky analyst Mikhail Sytnik said, “Two or more persons must approve outgoing transactions in such wallets. This configuration guarantees that, even after the commission is paid, USDT cannot be transferred to a personal wallet.
This approach, which targets individuals with dishonest goals, has drawn comparisons to a distorted form of justice. However, the end result is clear: the scammers walk away with the stolen TRX while their victims lose both their funds and the potential prize they sought.
Kaspersky’s experts advise against attempting to access any wallet using provided seed phrases. Engaging with such schemes not only risks financial loss but also exposes users to potential malware and phishing attempts.
While scams within the crypto community are not new, this tactic highlights the evolving ingenuity of cybercriminals. In previous cases, scammers used more sophisticated methods, such as baiting victims through Telegram links or exploiting vulnerabilities in seemingly legitimate crypto exchange files.
As these deceptive practices grow more intricate, crypto users are urged to remain vigilant and skeptical of any claims or opportunities that seem too good to be true.
