Crypto Scammers Have Finally Found Their Thieving Match: Themselves

A new scam has been making the rounds mainly on YouTube that would make even the most cunning trickster tip their hat

A new crypto scam has been identified by security firm Kaspersky, targeting fellow scammers attempting to siphon off funds from multi-signature wallets.

The scam involves posting comments on YouTube videos, feigning to be crypto novices seeking guidance on transferring USDT from a wallet with the seed phrase available. These comments are designed to pique the interest of thieves targeting crypto wallets.

The twist lies in the nature of the wallet being used. The stablecoins in question are stored in a multi-signature wallet, which theoretically incurs a gas fee to withdraw funds.

However, upon sending Tron’s TRX tokens to the wallet in an attempt to steal the funds, the tokens mysteriously vanish into another wallet controlled by the scammers.

This is because the bait wallet is set up as a multi-signature wallet, requiring approval from two or more individuals to authorize outgoing transactions. Attempting to transfer the USDT to a personal wallet will instead result in the funds being routed elsewhere.

"The scammers are impersonating beginners who foolishly share access to their crypto wallets, tricking equally naive thieves — who end up becoming the victims,” Kaspersky noted. “In this scenario, the scammers are something like digital Robin Hoods, as the scheme primarily targets other crooked individuals.”

According to Kaspersky, this scam is not an isolated incident, with multiple instances observed across the internet. New accounts post similar comments, each displaying the same seed phrase.

Considering the low gas fees on most blockchains, usually costing less than $10, this scam is likely targeting aspiring thieves rather than being an elaborate operation aiming to pilfer thousands or millions of dollars.

However, as Kaspersky points out, crypto criminals will capitalize on any opportunity to make a quick buck.