Electronic Money Scam 'Free Money' Using Fake Wallets to Steal Your Money

A new and terrifying cryptocurrency scam has left users trapped in wallets they thought were free money—only to see their cryptocurrencies disappear into the hands of scammers. How is the Fake Wallet Withdrawing Electronic Money 'Free Money' Trap Working? Kaspersky, a global cybersecurity and anti-virus company, has detailed a new cryptocurrency scam in a blog post published on Monday, in which scammers post clusters of cryptocurrency wallet seed phrases in comments on YouTube to lure unsuspecting users. An example shared by Kaspersky describes a comment under a finance-related video saying: "I have a question. I have USDT stored in my wallet and I have a seed phrase. How do I transfer my money to another wallet?" The full seed phrase is left in the comment, causing immediate suspicion. The company explains: This seems suspicious: even a newcomer to cryptocurrency should know not to share their seed phrase with the whole world. We were cautious, and for good reason - this comment turned out to be a scam. Scams targeting those trying to access their wallets with seed phrases. Upon entry, they discover thousands of USDT but are prevented from transferring money without paying a small fee first. Kaspersky details: "To withdraw USDT, you have to pay a small fee in another currency: TRX (TRON cryptocurrency token code). Unfortunately, the wallet does not have enough TRX, so the thieves try to transfer TRX from their personal wallet - only to find that the tokens they transfer immediately end up in a completely different third-party wallet." Kaspersky has explained in detail the tactics behind this plan: The problem is that the bait is set up as a multi-signature wallet. To authorize transactions sent in such wallets, the consent of two or more people is required, so transferring USDT to a personal wallet will not be effective—even after paying the 'commission'. Any TRX sent to cover fees is redirected to another wallet controlled by the scammer, leaving the thief with nothing. Describing the tactics of the scam, Kaspersky declared, “As a result, scammers are impersonating newcomers, naive individuals sharing access to their cryptocurrency wallets and deceiving equally innocent thieves — the ultimate victims.” The company advises cryptocurrency users to avoid accessing other people's wallets, no matter how tempting the opportunity may be. By staying updated and practicing ethical behavior, individuals can protect their assets and stay away from scams like this.

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