A new type of scam in the crypto world has baffled many investors. According to reports, there have been a lot of fraudulent statements in YouTube comments lately that claim to have the seed phrase for USDT in their wallet.
Usually these comments are phrased as “How can I move money from one wallet to another?” The bait is made to function as a multi-signature wallet, so as the victim trades TRX for Gas, it is promptly transferred away. It takes the approval of two or more people to authorize a spending transaction in such a wallet.
A seed phrase is a randomized produced one-of-a-kind string of dictionary terms that must be combined in order to regain access to a cryptowallet. When someone divulges their seed phrase, which is essentially their wallet key, it appears highly suspicious.
YouTube Comment Scam Comes As Social Media Crypto Scams Have seen a Rise
The emergence of the YouTube comment section scam comes as the entire crypto market has witnessed a rise in online crypto scams.
In the similar line, scammers have also been using job opening scams with salaries ranging from $200,000 to $350,000 to trick people into falling into their trap.
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Crypto hackers have created a clever new trick to get into victims’ computers and steal money by posing as recruiters from respectable crypto companies that pay well.
Unlike traditional phishing scams, these frauds use a new method for the hackers to propagate malware. This makes it harder for individuals to tell the difference between the actual and the phony, which facilitates money theft by the criminals.
Crypto Scams Rise in 2024 But Final Months See Slow Down in Scams
Losses from cryptocurrency-related scams, hacks, and exploits sharply decreased in the latter few months of the year, according to reports from blockchain security companies CertiK and PeckShield.
Compared to earlier months, December 2024 witnessed the least amount of harm from these occurrences, indicating better blockchain security procedures.
Experts blame the decrease on improvements in security procedures, heightened user awareness, and more stringent laws that target fraudulent activity.
However, on a whole cryptocurrency theft has steadily increased in 2024. Over the past ten years, four consecutive years have seen the theft of over $1 billion, indicating that crypto hacking remains a significant problem.
In 2024, the concerning milestone will be achieved for the sixth time, showing how the value and acceptance of cryptocurrencies rises in line with the amount that can be stolen.
Such incidents have prompted many in the industry to worry about the safety and security of their funds. Investors in general should be careful while trusting unknown people, links and even software as they pose higher risk of scams.