Crypto scammers have developed a new strategy to deceive other criminals in the space, using a crafty multi-signature wallet setup to trick would-be thieves into losing small amounts of cryptocurrency.
A recently discovered scam, mainly circulating on YouTube, has been causing a stir in the crypto world, according to a security update from Kaspersky. The scam targets people who think they can steal crypto but end up falling victim to a trap set by other scammers.
Kaspersky shared an example where a comment read, “I have USDT stored in my wallet, and I have the seed phrase. How do I transfer my funds to another wallet?” At first glance, it seems like a simple inquiry, but it’s part of a well-designed trap. The wallet in question contained over $8,000 in stablecoins on the Tron blockchain, and the seed phrase was the bait.
The wallet used in the scam was a multi-signature wallet, which requires multiple approvals before any transaction can be processed. When scammers attempted to transfer funds by sending Tron’s TRX tokens to the wallet, the tokens mysteriously vanished into another wallet controlled by the scammers.
The key to the scam lies in the multi-signature setup, which made it impossible for the would-be thieves to withdraw the funds directly. Instead, the tokens were diverted to the scammer’s wallet. Kaspersky explained that scammers are impersonating newcomers who unknowingly share their wallet access, which lures other criminals into the trap. “In a way, the scammers are playing the role of digital Robin Hoods, targeting other bad actors in the crypto space,” Kaspersky noted.
This scam isn’t isolated; similar baited comments have been popping up across the internet, with new accounts offering the same seed phrases. Kaspersky pointed out that while gas fees for these transactions are relatively low, typically under $10, the scam seems to target opportunistic thieves rather than major crypto heists.
As always, in the world of crypto, scammers are quick to take advantage of any opportunity to profit—even if it means turning the tables on their fellow criminals.
