Crypto Thieves Now Swindling Each Other in Latest Scam Twist

In a bizarre twist in the world of online crime, crypto scammers are now preying on each other.

According to a recent security update by Kaspersky, a new type of scam has emerged on platforms like YouTube, where the deceit is so clever, it might just impress the seasoned scammer.

The scam involves a crypto wallet that appears to be an easy target with its details, including a seed phrase, openly shared in public comments.

A seed phrase, a critical series of words, allows access to a crypto wallet, and this one reportedly contains over $8,000 in stablecoins on the Tron blockchain.

However, here’s the twist: the wallet is a multi-signature setup, which requires more than one person to authorize transactions.

When unsuspecting thieves try to drain the wallet by sending TRX tokens (Tron’s cryptocurrency) to pay for gas fees—a small cost required to process transactions—they find their tokens disappearing into another wallet controlled by the original posters. These posters are masquerading as novices but are in fact setting a trap.

Kaspersky describes these scammers as digital Robin Hoods. They’re targeting other scammers, creating a scenario where the thieves end up as the victims.

This isn’t an isolated incident; similar setups are sprouting across the internet, with new accounts baiting with the same seed phrase, engaging in what appears to be a low-stake game targeting petty criminals rather than a large-scale operation.

Gas fees, which are generally less than $10 across various blockchains, suggest that the scam is aimed at small-time crooks rather than those looking to make millions.

In the digital world, it seems, a crypto criminal never misses an opportunity to make a quick buck, even if it means scamming a fellow scammer.