Scammers in Crypto Are Now Robbing Other Criminals in the Space.

Crypto scammers have found a new way to outsmart other criminals by using a sophisticated multi-signature wallet system to trick would-be thieves into losing small amounts of crypto.

A fresh scam, making waves primarily on YouTube, is cleverly designed to deceive crypto enthusiasts looking to steal funds. According to Kaspersky’s recent security update, this scam targets wannabe thieves by offering them a chance to access a wallet, but instead, they end up becoming victims of their own actions.

Kaspersky highlighted an example where a comment read, “I have USDT stored in my wallet, and I have the seed phrase. How do I transfer my funds to another wallet?” This wasn’t an innocent query, but a well-disguised trap. The wallet in question held over $8,000 in stablecoins on the Tron blockchain, and the seed phrase was part of the lure.

The scam hinges on the fact that the wallet was a multi-signature type, which requires multiple approvals before any transaction can be completed. When the scammers attempted to transfer the funds by sending Tron’s TRX tokens to the wallet, the tokens mysteriously vanished into a different wallet controlled by the scammers.

The multi-signature wallet setup ensured that the would-be thieves couldn’t withdraw the funds to their own wallet. Instead, any sent tokens were redirected to the scammer’s wallet. Kaspersky explained that scammers are impersonating beginners who unwittingly share access to their wallets, leading other thieves into a trap. “In this case, the scammers act almost like digital vigilantes, as they target fellow criminals,” Kaspersky said.

This type of scam is not isolated. Similar baited comments have been cropping up across the internet, with new accounts repeatedly offering the same seed phrase. Kaspersky pointed out that while the gas fees for these types of transactions are usually under $10, the scam seems more focused on small-scale thefts rather than major heists.

In the crypto world, it seems that there is always a way to make money, even if it’s by turning the tables on other criminals.