Crypto Scammers use Seed Phrases to Lure Victims: Kaspersky
2024-12-24
Category: None

With the surging popularity, adoption, and price crypto has gathered huge attention, yet on the other hand evolution of new scamming techniques has been constantly blurring its good image. 
In a most recent development of a cybersecurity firm, Kaspersky noted that scammers have developed new scamming techniques in which they pretend to be inexperienced crypto users luring the attention of the victims.
The identified scamming technique is decoded as an X scammer posts the seed phrase in the YouTube comments from newly created accounts, and once some try to steal or access that phrase to steal the scammer further stops the attempts and instead steals from them.
Mikhali Sytnik the analyst at Kaspersky quoted in the blog post ” Scammers have invented a new trick — they post crypto wallet seed phrases in YouTube comments using newly created accounts.”
It is worth noting that the wallet identified by Sytnik was holding $8k USDT on Tron Network as bait. Also, the wallet is termed to be a multisig wallet that requires more than one signature/ approval to send money out of the wallet. 
Mikhali Sytnik the analyst at Kaspersky quoted in the blog post ” Scammers have invented a new trick — they post crypto wallet seed phrases in YouTube comments using newly created accounts.”Scams troubling Crypto at Verge! 
Since the beginning of 2024, the wider cryptocurrency market has experienced many scams and fraudulent activities, resulting in total losses of over $2 billion. 
It is crucial to note that centralized exchanges remain the most attacked and preferred by bad actors, among cexs WazirX hack remains the most prominent hack in the wider industry. 
Immunefi recently revealed that scammers and bad actors have constantly dedicated themselves to defaming the well-established identity of the crypto industry worldwide.
With CeFi breaches accounting for 72% of all cryptocurrency losses in the third quarter of this year, the risk to centralized exchanges significantly rose. 
The WazirX hacking incident is regarded as one of the most catastrophic occurrences to date. 
North Korean hackers continue to be one of the most well-known organizations responsible for these illegal actions, taking responsibility for more than 45% of annual crypto-related crimes. 
By taking advantage of the platform’s frictionless withdrawal process, the attackers targeted the hot wallets. To save more losses, MetaWin responded by temporarily stopping all withdrawal operations.Crypto Market Price Updates 
At the time of writing the cryptocurrency market capitalization was at $3.31 trillion with a minute decline of 0.10 percent, at the same time Bitcoin was trading at $94,016 with a fall of 1.99 percent and it fell 12.35 percent in the past seven days. Source: CoinMarketCap 
The intraday gainer’s list topped by Virtual Protocol grew more than 20.43 percent reaching $3.13, followed by Puddy Penguins which surged 17 percent, and Zcash at $69.60 with a growth of 15.58 percent. 
However, the list of losers in the past 24 hours was ruled by FTT which lost 3.31 percent followed by Ethena. Fantom, Monera and Bitcoin. 