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The Rise of “Scam-on-Scam” Attacks in the Crypto World | by Saad Jameel | The Capital | Jan, 2025

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A technique that’s so daring that it targets not the naive however the opportunistic has emerged from the shadowy depths of the bitcoin world. This scheme is a complicated new fraud. A digital heist that turns the script on greed is the topic of this story, which tells about thieves preying on different thieves.

Picture by rc.xyz NFT gallery on Unsplash

With a touch upon YouTube, all the pieces will get began. At first sight, it seems to be innocent; but, it’s designed to seem as if it’s the enchantment of a rookie, somebody who’s confused by the nuances of bitcoin. One thing alongside the strains of “Can somebody help me in transferring my USDT?” is written within the remark. Listed under is my seed phrase: “I’m fully at a loss for what to do!” Moreover, it’s accompanied by a string of phrases often known as the seed phrase, which serves because the entry level to their purported pockets. The inexperienced eye will see it as a scream for help. It’s an enchantment to the thief who thrives on alternatives.

Nevertheless, this pockets shouldn’t be like another. It is a entice that has been fastidiously crafted. On account of the truth that these wallets regularly use a multi-signature mechanism, it’s vital for quite a few events to present their consent earlier than any transaction can happen. The would-be thief makes their transfer with out being conscious of this on the time. On account of their eagerness to gather the…



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