YouTube Crypto Scam
Cryptocurrency is filled with scams that are ever changing and coming up with new ways to separate you from your hard earned funds. This latest round of scams are a really kind of low level fruit, yet they have been quite successful. n
YouTube comments are being used to develop a cleverly designed trap. This strategy plays on greed and ignorance, targeting not only innocent users but also those who, well think they have stumbled across something to good to be true.
Seed Phrase Baiting
Seed phrases which are randomly generated sequences of words and are the first line of defence for crypto wallet security. They grant full access to the wallet and its funds, making them a target for scammers and hackers.
In this new scam people are posting comments on finance related YouTube videos claiming to need help transferring cryptocurrency. The comments are written in the tone of a newb asking questions like:
“I have a question. I have USDT stored in my wallet, and I have the seed phrase. How do I transfer my funds to another wallet?”
The comments will then include the full seed phrase for the wallet which should be an immediate red flag for anyone within the cryptocurrency sector. Sharing a seed phrase publicly is like giving someone the keys to your house. a clear sign of either ignorance or foul play. Yet, the scheme relies on the assumption that someone reading the comment might decide to exploit this apparent vulnerability or someone's lack of knowledge.
Spring the Trap
The person tempted by the FREE Crypto then uses the provided seed phrase to access the wallet. The wallet does contain a large amount of USDT worth thousands of dollars. But the funds can’t be transferred directly. To withdraw the USDT a small fee in TRX is required.
When the would be thief transfers TRX to cover the transaction fee, the tokens are immediately rerouted to a third wallet controlled by the scammers. The wallet’s multi-signature setup requiring multiple approvals to authorize transactions ensures the thief cannot move the USDT. Essentially, their attempt to steal funds results in a loss of their own cryptocurrency.
They Deserved It?
Much like the international prince scam these scams are created to target the low hanging fruit, while many of us can see right through the fact a prince is emailing us sending us money. There is a portion of the world that believes it to be true. Scams that are made so out there that they don't look real are some of the most successful.
These scams target some of the most vulnerable members of society who can't tell that they are being scammed. While this scam might feel right as it targets people who seem to be taking advantage of people who would use Seed Phrases to steal another persons money, it is still a scam to be cautious of.
Some may in fact go to help and end up getting scammed. So remember everyone be safe out there and don't take unneeded risks.
image sources provided supplemented by Canva pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
Posted Using InLeo Alpha
