A new type of scam is passing through the world of cryptocurrency, catching users off guard and exploiting trust. Binance CEO Richard Teng has alarmed about this new scam called the “shared seed phrase” scam.
The strategy is simple, but devastatingly effective. The scammer unconsciously transfers everything to a wallet controlled by the scammer to convince users that the wallet is being breached and to protect the funds, the victim unconsciously transfers everything to a wallet controlled by the scammer. The funds disappeared, leaving only the victims with regret and painful lessons of digital security.
New scams are on the rise. “Share-Seed-Phrase” scams reduce the number of users to send funds to “security” wallets controlled by scammers.
Please be vigilant and do not share your personal information! ⚠⚠️
– Richard Ten (@_richardteng) February 18, 2025
It’s the perfect scam – fast, efficient, ruthless. It preys on two emotions that negate rational decision-making: confusion and urgency. By the time reality begins, it’s already too late.
How do you avoid falling into this trap?
It starts with skepticism. When an alert is received, stop and think about it. Look at the source. Legitimate communications from Binance or other trusted platforms do not request sensitive information such as seed phrases or private keys. Furthermore, actual security measures do not include blindly transferring assets to unfamiliar wallets.
Scammers thrive urgently. They push, they put pressure on them, making it seem like they risk financial ruin every 200 seconds. It’s a red flag. In a moment of doubt, a pause to check Binance’s official channel could mean the difference between keeping your funds safe and losing forever.
Never transfer funds based on instructions from unverified sources. If you are in doubt, contacting Binance’s official customer support is the best way to clarify whether the alert is real or another attempt to steal funds.
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