A new type of crypto-fraud is progressing on the YouTube service

A new type of crypto fraud is gaining momentum on the Internet, based on the use of multi-signature wallets.

This scheme is actively used on YouTube. Comments appear under the video, in which fake users portray inexperienced people who allegedly do not know how to transfer cryptocurrency and ask for help. When someone tries to help, the scammers provide their wallet seed phrases.

This way, a potential victim may think they have hit the jackpot and log into the naive user's wallet. The wallet contains several hundred or thousands of dollars in USDT stablecoins on the TRON network (TRC20). Typically, the victim immediately tries to transfer these funds to their account.

This is where the trap comes in. To transfer USDT, you need to pay the TRON network fee using TRX tokens. As soon as the user transfers TRX to pay the fee, these tokens instantly go to a third-party account.

Wallet with USDT — It is a multi-signature wallet, which means that multiple parties need to confirm the outgoing transaction. The fraudsters block access to the funds, but at the same time ensure that all deposited TRX is immediately redirected to another wallet.

The structure of a multi-signature wallet allows the fraudsters to maintain control over outgoing transactions. As soon as the victim sends TRX to pay the fee, the fraudster's second signature immediately redirects the funds to their account.