If you are in the crypto space for a while, you surely know that scam is simply everywhere!
Sometimes it is very evident to identify it, and some other times, it may let us wondering if a message is legit and what we should do to help a user out.
The rules are simple.
If it feels strange, it is most probably a scam.
Even if it is a friend who is requesting something from you, it could well be a hacked account.
In this post, I will specifically mention a very common message that one may receive or as a direct message or as a message on their social media.
I received the below on one of my YouTube videos
The video content is very worth learning!I need some advice:I have a wallet address with usdt in it and I have a recovery phrase.:(surge fence muscle flower taxi gadget inject rough stage usage electric retreat).:How should I transfer them into my own wallet?
This is a very suspicious message, lets check out the red flags
Red Flags
This person has shared a wallet recovery phrase, which is meant to be kept private. No one would (or should) openly share this if it were legitimate.
This may be an attempt to lure the user into interacting with this “wallet” to try and gain control over an actual wallet.
Malicious Wallets and Honeypots: The wallet could show funds that you are can access but can’t actually transfer out. They will probably try to make you use your own funds on network fees or interact with malicious smart contracts to “unlock” the funds. They could get access to your wallet or you could lose your own funds.
If you interact:
You may be tricked into paying transaction fees so you may lose your funds, or interact with malicious smart contracts.
If you engage further could lead to additional phishing attempts or malware sent to you
What you should do:
- Ignore the Message: Don’t respond or engage in any way - and if possible, additionally ...
- Delete or Report the Message
Has this ever happened to you;
