New Crypto Scam Baits Opportunists with Seed Phrase Trap

A new crypto scam has emerged, targeting opportunistic users who attempt to raid cryptocurrency wallets with exposed seed phrases. According to cybersecurity firm Kaspersky, scammers are posing as naive crypto users by posting seed phrases in YouTube comments, luring victims into a cleverly orchestrated trap. In a December 23 blog post , Kaspersky analyst Mikhail Sytnik detailed the scheme. Comments left on finance-related videos often appear as innocent queries about transferring Tether (USDT) between wallets. These comments include seed phrases to a bait wallet containing $8,000 in USDT on the Tron network. The catch? To access the funds, an opportunist must first deposit a small amount of TRON (TRX), the network’s native token, to cover transaction fees. However, any TRX sent to the bait wallet is immediately rerouted to another wallet controlled by the scammers. Multisignature Wallets Add to the Trap What makes this scam particularly deceptive is the bait wallet’s configuration as a multisignature wallet. These wallets require approvals from multiple parties for outgoing transactions. Even after paying the transaction fees, would-be thieves find themselves unable to move the USDT, as they lack the necessary approvals. “This scheme essentially flips the script,” Sytnik explained. “Scammers are targeting other scammers in a digital Robin Hood-like fashion, exploiting their greed for personal gain.” This isn’t the first time crypto scams have turned on each other. In July, Kaspersky uncovered a more elaborate operation that lured victims via Telegram links leading to legitimate crypto exchanges . The trap included files that, when accessed, installed malware designed to siphon off data and digital assets. Rising Crypto Scam Cases Kaspersky’s Sytnik advised users to steer clear of accessing others’ crypto wallets, even if offered a seed phrase. “The risks far outweigh the potential rewards,” he cautioned. He also urged crypto enthusiasts to remain skeptical of strangers’ claims online, particularly those involving too-good-to-be-true opportunities. This serves as a stark reminder of the ever-evolving scam tactics in the crypto space , where greed often meets ingenuity. As Sytnik concluded, staying vigilant and ethical is the best defense against falling victim to these schemes. The post New Crypto Scam Baits Opportunists with Seed Phrase Trap appeared first on TheCoinrise.com .