Researchers at Kaspersky have uncovered a new cryptocurrency fraud scheme that manipulates users into transferring funds under the guise of acquiring “free” crypto assets. The scheme operates through comments left on YouTube videos devoted to financial topics. These comments are written by newly created accounts and include a seed phrase for a crypto wallet supposedly containing USDT (Tether) tokens. Since knowing the seed phrase usually means controlling funds in the crypto wallet, an unsuspecting user, tempted by the prospect of easy money, can easily be drawn into the scam.
This fraud scheme exploits the technical existence of cryptocurrency wallets to build credibility. The wallet details provided are genuine, and it has a balance in USDT, reinforcing the illusion of legitimacy. Users can also view its transaction history.
The crypto wallet’s balance can be viewed, adding to the illusion of legitimacy, along with the transaction history
When the user attempts to access the wallet using the seed phrase, they discover that withdrawing USDT requires a certain commission fee to be paid in TRX (Tron), which the wallet does not contain. If the user transfers TRX from their personal wallet to cover the fee, these funds are immediately redirected to another wallet controlled by the fraudsters. The bait wallet is configured as a multi-signature (multisig) account, requiring additional permissions to authorize transactions. Consequently, even if the victim tries to transfer funds directly after paying the “commission,” it will not be possible.
“As the saying goes, ‘If it sounds too good to be true, it probably is.’ This fraud scheme targets individuals with questionable ethics, presenting them with an opportunity to exploit someone else’s oversight. In reality, however, the user unwittingly becomes the victim of a carefully orchestrated scam. We emphasize the importance of vigilance and ethical behavior when engaging with cryptocurrency platforms. Fraudsters continue to refine their techniques, making it essential for users to remain cautious and informed,” comments Olga Svistunova, Senior Web Content Analyst at Kaspersky.
To stay safe when engaging crypto-related activities, Kaspersky recommends:
Act ethically and approach “free” crypto assets online with skepticism; they are highly likely to be scams. Read our tips for spotting online scammers
Use only reputable, tried-and-true crypto wallet apps and exchange websites
Carefully check that you’re signing in only through official sites and downloading apps from legitimate sources
Use a comprehensive computer and smartphone protection solution that prevents you from accessing phishing sites or running malware