Cybersecurity company Kaspersky’s analyst Mikhail Sytnik pointed out in an article published on Monday that some fraudsters are targeting digital thieves, using cryptocurrency wallet seed phrases as bait to steal funds deposited as transaction fees.
Many scammers pose as inexperienced cryptocurrency users, publicly posting the seed phrases of wallets that supposedly contain funds online, but this is actually a trap.
Sytnik noted that scammers ask in the comments section of YouTube videos how to transfer cryptocurrency assets from one wallet to another, attaching their own wallet seed phrases. Researchers found that these wallets hold some funds as bait, such as a large amount of the USDT stablecoin on the Tron blockchain, but lack sufficient TRX tokens for network transaction fees, leading those who wish to steal funds to believe that by transferring a small amount of TRX to this wallet, they can steal the money inside.
Kaspersky’s article further states that when others transfer TRX to the bait wallet as transaction fees, the TRX is immediately sent to another wallet controlled by the scammers. Additionally, these bait wallets are set up as multi-signature wallets, requiring multiple authorizations to conduct outgoing transactions.
Transaction records of the bait wallet (Source: Kaspersky)
Sytnik stated that in this case, “the scammers are somewhat like ‘digital Robin Hoods’ because this scam primarily targets other wrongdoers.” The researcher advised against attempting to access someone else’s cryptocurrency wallet, even if they provide the seed phrase, and to remain vigilant about any cryptocurrency-related messages from strangers.
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