See someone leaking mnemonics? Be careful, they are trying to deceive you! Kaspersky reveals new tricks of encryption scams.

Cryptocurrency scam new trick: disguising as a Newbie to lure victims by leaking mnemonic phrases

Renowned antivirus software analyst Mikhail Sytnik recently pointed out that there is a new scam circulating, where scam groups deliberately leak the mnemonic phrase of encryption wallets in the comment section of YouTube using new accounts.

These scammers will pretend to be Crypto Assets Newbie and ask in the comments below financial videos: how to transfer $USDT to another wallet, while revealing the complete mnemonic phrase.

This seemingly innocent behavior is actually a carefully designed trap. When someone tries to use these mnemonics to access the wallet, they will find about $8,000 worth of $USDT (TRC20 token standard) inside. However, to transfer these $USDT, a small amount of $TRX (the native token of the TRON blockchain) needs to be paid as a fee.

Image source: Kaspersky Blog Cryptocurrency Scam New Trick: Pretending to be a Newbie to lure victims by leaking mnemonic phrases

Kaspersky analysts pointed out that when you transfer $TRX to the wallet to pay the handling fee, these $TRX will be immediately transferred to another wallet controlled by scammers.

At this time, you will find that this 'bait wallet' is actually a multi-signature wallet that requires multiple authorizations to carry out outgoing transactions. Therefore, even if you pay the 'transaction fee', it is futile to try to transfer out USDTv.

Be careful of fake coin circle KOL TG group scams.

In addition to the scam methods of YouTube, blockchain security company Scam Sniffer has also exposed another type of scam conducted through Telegram.

Scammers set up fake X (formerly Twitter) accounts of well-known coin circle KOLs, invite users to join Telegram groups, and claim to provide investment perspectives.

Image Source: X/ScamSnifferCryptocurrency Scam: Scammers impersonate coin circle KOLs to create fake groups

Once users join the Telegram group, they will be asked to verify through a verification called 'OfficiaISafeguardBot', but it is actually a 'fake verification bot' that injects malicious PowerShell code, causing you to download and execute malicious software, and your computer system and encryption wallet could be compromised.

According to Scam Sniffer's observation, similar malware has led to multiple cases of stolen private keys. It is known that at least two victims have lost over 3 million US dollars due to clicking on malicious links and signing transactions.

Since December, there have been an average of 300 fake coin circle KOL X accounts per day, a significant increase from the average of 160 in November.

Kaspersky shares 3 tips to help you avoid encryption fraud

In the face of the constantly emerging encryption fraud methods, Kaspersky provides three important suggestions:

Even if you find someone's mnemonic in the YouTube channel comments section or in front of your own door, do not attempt to access someone else's encryption wallet. The most basic way to prevent this is to be an honest person.

Crypto asset holders should stay vigilant about the latest trends in cryptocurrency scams to ensure awareness of current threats. At the same time, it is essential to install reliable protection software on your devices.

Double check any information provided by strangers. Scammers may disguise themselves as Newbies in the world of encryption, or impersonate experienced trading experts.

Web3 security platform Cyvers also warns that during the year-end holiday season, due to the increase in online transaction volume, phishing attacks may experience a significant increase trend, and users need to be more vigilant.

For more information on preventing fraud in Cryptocurrency, please refer to our previously compiled "Cryptocurrency Scam Self-Help Guide".

[Disclaimer] The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, perspectives, or conclusions in this article are applicable to their specific circumstances. Investing based on this is at your own risk.

"Someone leaked the mnemonic phrase? Be careful, he is deceiving you! Kaspersky exposes new tricks of Crypto Assets fraud" This article was first published in "Crypto Assets City"