Analyst Mikhail Sytnik of the cybersecurity company Kaspersky pointed out in an article published on Monday that some scammers are targeting digital thieves, using the mnemonic phrases of cryptocurrency wallets as bait to trick funds deposited as transaction fees. Many scammers pretend to be inexperienced cryptocurrency users, publicly posting the mnemonic phrases of wallets claiming to hold funds online, but it is actually a trap.
Sytnik noted that scammers ask in the comment section of YouTube videos how to transfer cryptocurrency assets from one wallet to another, attaching their own wallet mnemonic phrases. Researchers found that these wallets would hold some funds as bait, such as storing a large amount of USDT stablecoin on the Tron blockchain, but not enough TRX tokens for network fees, leading those attempting to steal funds to believe that they can take the money by transferring a small amount of TRX to the wallet.
The article from Kaspersky further points out that when others transfer TRX to the bait wallet as a fee, the TRX is immediately sent to another wallet controlled by the scammers. Additionally, these bait wallets are set as multi-signature wallets, requiring multiple authorizations for withdrawal transactions.
Sytnik stated that in this scenario, “scammers are a bit like ‘digital Robin Hoods’ because this scam mainly targets other criminals.” The researcher advised against attempting to open someone else’s cryptocurrency wallet, even if they provide a mnemonic phrase, and to remain cautious of any cryptocurrency-related messages from strangers. Source:
Transaction records of the bait wallet (Source: Kaspersky)